So here's my "BUT" "BUT" "BUT"......... the silence is deafening on the entire developing world except for the occassional references to aid. All this determination to have a new financial architecture (music to my ears) leads me to my next question: How do we get to a stronger, more stable, more equitable and more sustainable global financial and economic system?
Because let us not fool ourselves - a new financial architecture is NOT automatically a stronger, more stable, more equitable and more sustainable global financial and economic system.
Let me say this as clearly as I possibly can:
ALL the countries of the developing world - from the strongest to the weakest, from the smallest to the biggest, from the most peaceful to the most war-torn, from the safest to the most in danger of natural disaster etc. - are a necessary part of that dialogue about and determination of a stronger, more stable, more equitable and more sustainable global financial and economic system.
Each of these descriptors: "stronger", "more stable", "more equitable", "more sustainable" ALL REQUIRE inclusion, not exclusion.
Let's put this in context:
Reuters had an excellent article today: FACTBOX: The financial system established at Bretton Woods
What is so important about this?
- The world had a crisis......sounds familiar?
- World leaders got together to solve it.....sounds familiar?
- World leaders decided that there needed to be institutions and a system to avoid a repetition of that crisis....sounds familiar?
So how do we have a new financial architecture THAT IS a stronger, more stable, more equitable and more sustainable global financial and economic system?
Let's start talking about that dialogue mechanism because, respectfully, the developing world is used to making do with things that don't work well; it's the developed world that doesn't have that tolerance level. This system has not worked well for a while and I've said that we have cried literal blood and tears about it, pleading for a new system. But at least we can cry and plead. The last time I checked, global still meant the whole world (including us) and we are still a part of the financial and economic system. So, just in case anyone was unsure in this time of opacity and unpredictability, the developing world's contribution to transparency and predictability - at this time - is that we have no interest in jumping from the proverbial "frying pan" into the "fire".
So when is the summit for us to talk too?