PRESS CONFERENCE ON OUTCOME OF CONFERENCE ON WORLD FINANCIAL, ECONOMIC CRISIS

General Assembly President Miguel d’Escoto Brockmann said that the global conversation begun this week achieved what many believed to be unachievable, at a Headquarters press conference to announce the adoption of an outcome document meant to spark a redesign of the world’s financial and economic architecture.

As the Conference on the World Financial and Economic Crisis and Its Impact on Development neared the end of its third day, carving out a fourth -- Monday -- to complete its list of speakers, Mr. d’Escoto said the agreed outcome was “recognition of the fact of the G-192 as the proper venue to discuss world financial and economic matters”.

Mr. d’Escoto, noting that the Conference was the second international conference on economic and financial matters held by the United Nations -- the first had been attended by 44 United Nations Members and had resulted in the creation of the Bretton Woods institutions –- said the fact that 192 Members of the United Nations participated is this week’s Conference was a “great gain”.

Another substantial gain of this Conference was the creation by the outcome document of a follow-up mechanism, which also aimed to address multiple issues that would help redesign the world financial and economic architecture, he said.

“This is a day to celebrate”, said Mr. d’Escoto.  But, he said he would not be totally satisfied until there was no one living in extreme poverty and hunger.  He stressed throughout his remarks that the Conference was just the first step in a long process that would put the world on a new path.  The outcome document should lead to changes in the global financial and economic system and help avert another crisis such as this one, which had devastated the world’s poorest people.

To a question about an attempt by some countries to undermine the summit, Mr. d’Escoto said their efforts had not been effective.  The Conference had taken place even though some countries had sought to narrow its scope and hold a donor’s meeting, and not a summit that would envelope the global economic architecture.

He told reporters he was satisfied with the Conference, because it demonstrated that the G-192 was an adequate venue for this type of decision-making; it addressed the issue of restructuring; and it discussed a follow-up mechanism.  “It makes this a process”, he added.

Paul Oquist, a Senior Adviser in the Office of the General Assembly President, and the General Coordinator of the Conference, said the document laid out two processes.  One was the study of international organizations, and the other concerned what was happening on the ground.  He cited the creation of regional mechanisms in Asia and South America aimed at consolidating commerce and financing global trade.

When a correspondent noted that the United States had said in its statement that the United Nations was not the proper forum for this type of discussion, Mr. d’Escoto said he had not been deterred.  ”This is about building for the future.”

* *** *

For information media • not an official record