Proposals for Profound Reform of Financial System
Stiglitz Commission presents interim report
With the world facing the first crisis of the modern age of globalization, a commission of economic experts chaired by Nobel Laureate and former Chief Economist of the World Bank Joseph Stiglitz calls for the creation of a new global reserve system and a global economic coordination council as part of a fundamental reform of the international financial architecture. Carla September reports
“These are ideas whose time has come,” Joseph Stiglitz said end of March in New York, as he introduced the commission’s interim report (see reference), which include immediate prescriptions essential to global recovery, as well as an agenda of deeper systemic reforms needed to ensure that such a recovery would be sustainable. The Commission of Experts on Reforms of the International Monetary and Financial System, as the group convened last year by the President of the General Assembly is formally known, argues that the financial crisis that rapidly spread from a small number of developed countries to engulf the global economy has provided tangible evidence that the international trade and financial system should be profoundly reformed ...
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