A call for structural, sustainable, gender equitable and rights based responses to the global financial and economic crisis
Women’s Working Group on Financing for Development April 27, 2009
We, the Women’s Working Group on Financing for Development (WWG on FfD), recognize that the financial and economic crisis represents a critical political opportunity to make significant structural changes in the global development macroeconomic and financial architecture that reflect rights-based and equitable principles. The recent G-20 decision to replenish International Monetary Fund (IMF) resources is deeply flawed as it perpetuates failed neoliberal economic policies, reinforces structural inequalities, and will increase developing country indebtedness. Moreover it is based on an overproduction and overconsumption model that ignores social reproduction, sustainability of the resources of the planet; and is based on a few acting to the exclusion of the many. We need an alternative more inclusive process not one lodged in the International Financial Institutions (IFIs) that have created the crisis but in the United Nations (UN), which today is the only platform for genuine global dialogue and governance on global public ‘goods’; where women’s rights and human rights are enshrined; and where each country large or small has a voice at the table. It is only through a more inclusive approach that the search for solutions can move beyond double standards, the perpetuation of moral hazard, the inequitable distribution of resources, and disproportionate burdens on the most vulnerable. We call on all heads of state and government to commit to constructively engage in the High Level Conference on the UN Conference on the World Financial and Economic Crisis and Its Impact on Development (HLC) and ensure an effective follow up mechanism. Therefore, we propose the following actions to respond to the current crisis with alternative policy approaches that harmonize with international standards and commitments to gender equality, women’s rights and human rights and empowerment. I. Re-position the UN's leadership role in a new global development, economic and financial architecture that fully integrates gender equality and women’s rights II. Immediate reform of the global financial architecture to effectively manage liquidity shortages and payments imbalances and ensure that policy responses do not shift the burden of adjustment to the care economy. III. Reduce financial sector instability and arrest capital flight through transparent and accountable regulation IV. Abandon neo-liberal policies governing trade and finance toward addressing global imbalances and social and gender inequalities V. Recognize and value social reproduction in responding to the crisis and in re-designing development strategies and macro economic policies For full statement contact Development Alternatives with Women for a New Era (DAWN)