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Resolution adopted unanimously by the 119th Assembly
(Geneva, 15 October 2008)

The 119th Assembly of the Inter-Parliamentary Union,

Considering the consequences of the international financial crisis and its negative repercussions on the global economy, in particular its adverse effects on developing countries,

Noting the recent warning issued by the International Monetary Fund that debt-ridden banks are pushing the global financial system to the brink of meltdown, and that it is the responsibility of the wealthy nations to restore investor confidence,

Considering the importance of parliaments' role, in cooperation with national governments, to contain the effects of the global financial crisis that threaten the world's stability, security and development,

Recognizing the shared and differentiated responsibility of all countries in dealing with the international economic crisis in order to meet human development needs, eradicate poverty and achieve the Millennium Development Goals (MDGs),

Aware of the threat that the international economic crisis poses to sustainable development - considered essential for human progress - particularly in the context of the Declaration issued by the World Summit on Sustainable Development held in Johannesburg in September 2002,

Considering the need to allocate the necessary resources and to ensure the establishment of a stable, fair and secure global economic system,

Mindful of the interdependence of the national economies and the global economic system, which requires a holistic approach and strong international cooperation to ensure the optimal use of financial resources and the establishment of strong and accountable financial institutions,

Recalling that the report on the outcome of the International Conference on Financing for Development held in Monterrey, Mexico, in 2002, considered that international financial stability in particular was crucial for fostering international economic growth,

Concerned that the international financial crisis has undermined social stability in many countries around the world and threatens the gains made in democracy and human rights,

  1. Calls on the Governing Council to organize, as soon as possible, an international parliamentary conference with experts to examine the causes and effects of the international financial crisis on the global economic system and identify ways of dealing with the consequences of this crisis;

  2. Urges parliamentary committees dealing with financial, economic and trade-related issues to urgently convene meetings to identify the best ways of protecting financial institutions and mitigating the effects of the international financial crisis, until such time as a global strategy to deal with the crisis is found;

  3. Calls on national parliaments to provide a more efficient proactive regulatory framework for national regulatory bodies with a view to preventing future instability in the major financial markets;

  4. Encourages implementation of internationally agreed laws and standards on the transparency of financial markets to ensure the clarity of financial transactions, as this would enhance the national and international capacity to assess financial risks;

  5. Calls on governments to include parliamentarians in their official delegations to conferences, forums and meetings organized to discuss the international financial crisis so that parliamentarians can express their opinions and ideas as the representatives of the people;

  6. Calls for the necessary national and international measures to oversee financial institutions so as to mitigate the impact of this crisis;

  7. Calls for action to reduce the potential social consequences of the international financial crisis as they relate to employment prospects, job security, rising prices and poverty, all of which are covered by the United Nations Millennium Declaration;

  8. Calls on the central banks and currency control agencies to implement precautionary policies, procedures and measures in order to ensure the stability of the financial and banking sectors;

  9. Calls for greater regulation of the financial sector, with particular attention to inter-bank lending and consumer protection, to prevent future financial crises;

  10. Calls on all countries to put in place more effective law enforcement measures to deal with financial crime and to cooperate in this field;

  11. Requests the governments of the leading industrialized States to assume their responsibility for the developing countries by curbing the negative effects of this crisis on their national economies and to make every effort to prepare the ground for the full participation of developing countries in shaping the global economy;

  12. Urges the governments of developed States to promptly honour their commitments vis-à-vis the developing countries in order to help them resolve their domestic economic problems, eliminate poverty, illiteracy and disease and achieve higher growth rates, as recommended in relevant instruments, in particular the UN Millennium Declaration; and, in this context, urges international organizations, within their respective mandates, to contribute to the achievement of the above-mentioned objectives;

  13. Urges parliaments to spare no effort in working on ideas and initiatives aimed at promoting a new rules-based financial system that could help to achieve a more just and transparent world economic structure, which in turn could also help to achieve peace and stability.

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