United Nations Radio

PRES: Not surprisingly, there were differences of opinion about the causes and remedies of the global financial crisis among the 119 countries, non-governmental organizations, economists and members of the corporate sector attending a UN conference last week that spilled over into Monday. Nick Baker and Nicole Suczek walked the halls of the UN to investigate just what the high-level representatives were thinking:

Nicole:  At the conference itself and on the sidelines of the main debate, ministers of finance, delegates and members of civil society are having wide-ranging discussions on how best to resolve the economic and financial crisis.

There were a many views on the causes of the crisis and differences on how best to resolve it. Like other participants, Global Trade Watch Director Lori Wallach, believes the freedom the financial markets have enjoyed for so long is at the root of the problem.

"The special interests that fought to get the current rules in place that include the radical deregulation that is under girding this crisis are very keen not to have an examination of the core causes nor real redress by real re-regulation

Nicole:  Bailing out banks is not enough, according to Germany's Minister Heide Marie Wieczorek-Zeul She would like to see developed countries provide protection to those who are hardest hit by the crisis

"The crisis might be used against all those who are weaker in the labor market, it hits women, it hits men, and of course we must see to it that there is no lowering of the social dimension because this might be the biggest danger that questions of social protection completely get out of the focus of the international community."

Nicole: Nobel Prize-winning economist Joseph Stiglitz told UN Radio it is in the interests of developed countries to inject much more money into the developing world and to do it soon.

"They'll be two consequences, for the developing countries they'll be more poverty, an increase in problems of unemployment and an exacerbation of the crisis, for the developed countries it will mean the global recovery will be slower. So even they have considerable self interest at sake."

Nicole: A view shared by Martin Khor, Director of the South Centre.

"They have the money. So you're rescuing banks, insurance companies, motor car companies and so on. The developing countries need the same, they need to have a stimulus."

Nicole: Actor Billy Zane, at the conference in his capacity as a Goodwill Ambassador for the Millennium Development Goals, sees a bright side to the economic crisis.

"I like to think there's a displacement that will come from it, a certain critical mass, but new opportunities will arise inevitably, I think in the short term it will perhaps hinder but it will ultimately force the hand of solutions that are just being considered, or not even imagined yet.

PRES: That report was prepared by UN Radio's Nick Baker and Nicole Suczek.

duration: 2'24"