About New Rules
PublicationsInterim Report and Recommendations On “Addressing Systemic Issues”
June 2005
The New Rules for Global Finance Coalition has worked for the past year on Multi-Stakeholder Consultations on Systemic Issues in order to promote the implementation of this Section (F) of the Monterrey Consensus Document. In each of the four sessions—in Washington, DC at the IMF; in Lima, Peru; in Nairobi, Kenya; and in New York City at the United Nations—New Rules has worked with other multi-stakeholder participants to identify well-researched and politically viable policy proposals that could leverage significant change toward the goals articulated at the Monterrey Conference.
Each session followed the same core agenda:
- Assessment of official steps taken to prevent and reduce global financial crises;
- Policies to prevent financial crises;
- Policies to provide credit to countries in situations of financial crises;
- Mechanisms to manage risks arising from financial crises;
- Governance of the IMF, World Bank, and other financial rule-making bodies, including the Bank for International Settlements, the Financial Stability Forum, and the Basle Committees.
The original plan was set forth at the UN on July 21, 2004. Each step of the process has been documented on the New Rules website and through a link on the UN Financing for Development (FfD) Office website: www.new-rules.org and www.un.org/esa/ffd
Table of Contents
I. Introduction
A. Goal of the Multi-Stakeholder Consultations on Systemic Issues
B. New Rules for Global Finance Coalition
C. Assessment of the Status Quo
II. Recommendations: Preventing Financial Crises
A. Prudential Regulation of Financial Markets
B. Counter-Cyclical Policies
C. International Lending in Local Currency
D. Commodity Price Risk Management
III. Recommendations: Healthy Financing for the Real Economy–Insurance Against Financial Crises
A. Taxes, the Real Economy and Financial Crises
B. Policies to Support the Productive Economy, National Development Banks
C. Micro-Finance
IV. Recommendations: When Crises Strike
A. A Comprehensive Framework for Sovereign Debt Restructuring in Middle-Income Countries
B. IMF: Liquidity in Times of Crisis
C. Responding To Exogenous Shocks
V. Governance
A. Governance of the World Bank and the International Monetary Fund
B. Governance of Financial Agenda and Standard-Setting Bodies
VI. Final Recommendations
Download Interim Report and Recommendations On “Addressing Systemic Issues”