United Nations Radio

The special challenges facing the developing countries in the context of the worldwide financial crisis and its likely consequences was the focus of discussion Thursday when UN Secretary-General Ban Ki-moon met with five eminent economists to share their views and brainstorm on the international economic situation.

The brainstorming session focused on the overall economic scenarios for 2009 and possible policy responses to limit the depth and length of the expected economic slow-down.

The discussion also focused on the developing countries, both middle-income emerging market as well as least developed countries. The Secretary-General stressed the need to keep the long term objectives - such as the Millennium Development Goals (MDG) and the fight against extreme poverty as well as the need for action against climate change - at the center of the global agenda.

He underlined the fact that he was pledged to advance the voice of the poor, voiceless and excluded. He could do this by demonstrating the UN's responsibility for leading an "inclusive multilateralism" that would need to be reflected in any discussion of the reform of the international monetary and financial system.

A statement from the office of the UN Spokesman says it was generally agreed that the era of self-regulation was over. Multilateral financial institutions cannot function as they are doing currently and in designing a reform regime, a comprehensive approach was needed.

The economists were Nancy Birdsall of the Center for Global Development, Dani Rodrik and Kenneth Rogoff of Harvard University, and Jeffrey Sachs and Joseph Stiglitz of Columbia University.

This is Donn Bobb reporting for United Nations Radio.

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