Outcome of United Nations Conference on the World Financial and Economic Crisis and its Impact on Development

We, the Heads of State and Government and High Representatives of Member States, met in New York from 1-3 June 2009 fortheUnited Nations Conference on the World Financial and Economic Crisis and its Impact on Development. 1. The governments and peoples of the 192 Member States of the United Nations are collectively mired in the midst of the most severe financial and economic crisis since the establishment of the modern international financial architecture. It has become necessary to view this moment of crisis through the prism of 65 years of history, and to apply the lessons learned from the successes and failures of our manifold socioeconomic endeavours. Our globalised economic order has evolved to contain elements that are under -regulated, unsupervised and unequal; and it has proven to be unstable and unsuited for the demands of the 21stCentury. 2. As the fickle tides of financial optimism have ebbed, they have revealed the unfortunate shoals of poverty, suffering and wretchedness. Both within and between countries, the amassing of wealth has been accompanied by the accumulation of misery. The organisations and institutionswh ose actions precipitated this crisis did not seek such a collapse, but their unintended human consequences are palpable and undeniable. Unfortunately, international financial institutions were unable to give warning, prevent or fashion an adequate response. 3. Globalisationhas facilitated the rapid international diffusion of the crisis, and it compels us to devise a coordinated, comprehensive and global response. Most countries lack the individual financial capacity to either affect the system or provide the necessary ameliorative stimulus measures. But those countries nonetheless have ideas, concerns, perspectives and a necessary historical role in shaping the institutions that would mitigate or prevent such crises in the future. Only the inclusive presence of all States and their collective voice in the General Assembly of the United Nations can ensure the enduring legitimacy of our future international financial system and institutions. 4. Developing countries are now bearing the brunt of this crisis, for which they are least responsible. The ongoing food and fuel crises have only compounded the effect of the financial and economic collapse, and exacerbated the burdens and sorrows of the developing world. Nonetheless, the destiny of developed and developing countries in an interdependent world and a globalised economy is inextricably linked. Therefore, short-term stabilization measures must protect the poor, and long-term measures must ensure sustainable financial flows while simultaneously reducing the likelihood of future crises. 5. Peace, stability and prosperity are indivisible. Today, all nations are far more closely interconnected than ever before as active participants in the modern globalised financial and economic system. We believe that this critical moment calls for prompt, decisive and coordinated action to address the causes of the crisis; mitigate its global impact; and establish mechanisms to prevent similar crises in the future. Today, we have set forth our global consensus on the responses to this crisis; prioritized the required lines of action; and defined a clear role for the United Nations in the implementation of our coordinated approach.

6. This Conference represents the beginning of an ongoing and concerted engagement of the entire global community with the pillars of our financial architecture. We stand at the crossroads of growth and development; and at the threshold of anew era of global fiscal responsibility and people-centred progress. The bedrock ethics and values of our common humanity must also inform our global financial interactions, and cannot be sacrificed on the altar of reckless speculation or onerous conditionality. Our continued pursuit of profit and economic growth must be leavened by our collective responsibilities in the satisfaction of human needs, the realization of human rights and the achievement of human security,download.