United Nations Radio

The President of the UN General Assembly Miguel d'Escoto (photo) has established a high-level task force of experts to study the financial crisis and to suggest steps to secure a more stable global economic order.

Mr. d'Escoto, opening a day-long debate by the experts in the General Assembly on Thursday, lamented the fact that governments have lost the trust of their citizens by failing to protect them from what was once benignly known as 'irrational exuberance', but has turned out to be 'unbridled greed and pervasive corruption'.

"The world faces setbacks that are already causing untold suffering. For some, the consequences are fatal."

Through his initiative the President of the General Assembly wants to give a voice to the interests of developing countries, which he deems are not fairly represented in existing global institutions of economic governance. The chairman of the panel, Nobel Laureate for Economics, Joseph Stiglitz, warns that any solutions should take into account that what's good for Wall Street, meaning the financial markets, is not necessarily good for the rest of the economy.

"Any response cannot be based on trickle-down economics. The notion that helping those at the top will benefit all has been repeatedly rejected."

Professor Stiglitz says it is important that this first major global response to the financial crisis comes from the one international institution that is inclusive and has political legitimacy.

This is Bissera Kostova reporting for United Nations Radio.

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