General Assembly should be venue for discussing global economic issues: President

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Vuk Jeremić

The General Assembly should be the venue for discussing global economic issues, said its President, Vuk Jeremić, as he opened its debate on "The United Nations and Global Economic Governance" in New York on Monday.

Mr. Jeremić said that since the outbreak of the world economic, financial and debt crisis, the ongoing discussions on how to improve global economic governance have grown in significance.

He pointed out that the group of major economies, known as the G20, has become an increasingly prominent forum in which important geo-economic choices are made by its members.

For some, he said, the G20 represents a new more inclusive mechanism for informal dialogue between the world's most significant economies which was able to act quickly and decisively to forestall a global breakdown in finance and trade.

For others, he added, the G20 is perceived as an exclusive club whose conclusions are reached in a non-transparent, unaccountable way.

"However, it is only the UN General Assembly that operates on the basis of the sovereign equality principle, in which the voice of each of the world's nations is given equal measure. In my opinion, the General Assembly should become a venue for enhanced interaction between international financial and trade institutions, the G20 and non-G20 Member States, by providing a platform to reflect on common concerns, as well as exchange views and information." (29")

The president of the General Assembly said such a move would complement a more inclusive and more participatory system of global economic governance, without infringing on any of the established prerogatives.

Dianne Penn, United Nations.

Duration: 1’42"

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