UN Commission Proposes Substitute To G20
The G20 (group of rich countries) must be substituted by a Global Economic Council under a UN commission proposal.
The UN advisory body, headed by well-known economist Joseph Stiglitz, suggests the forming of the new body as a part of its examination of possible reforms of global financial institutions.
The new body, to function separately from the UN Security Council, is projected to have between 20 and 25 members.
The panels plan also proposes a new global reserve system that would provide support to developing countries on a regular basis and would not be subject to veto by industrialized countries that dominate existing international financial institutions, such as the International Monetary Fund (IMF).
The proposal goes to the general assembly this week. The plan also calls for developed countries to set aside 1 percent of their fiscal stimulus plans, in addition to existing foreign aid budgets, to spend in developing countries.
Kilde: www.worldbank.org
