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News File

New York, May 16, 2013


Ambassador Nestor Osorio, in his capacity as Chairman of the Economic and Social Council (ECOSOC), chaired a meeting on "the United Nations and global economic governance," which was held at the Headquarters of the United Nations in New York. The meeting was attended by the Permanent Representative of Pakistan and Vice President of ECOSOC, Ambassador Masood Khan, Permanent Representative of Algeria, Ambassador Mourad Benmehidi, the Head of Delegation of the European Union, Ambassador Thomas Mayr-Harting, and the President of Committee for Development Policy United Nations, Mr. Jose Antonio Ocampo. During his speech, Ambassador Osorio recognized the importance of a more accountable, inclusive and consistent system of global economic governance to allow start strong and coordinated policy responses worldwide to address the most pressing issues worldwide. Similarly, Ambassador Osorio referred to the central role of the UN in global economic governance given its multilateral forum with unquestioned legitimacy, and in this regard stated that strengthening the role and effectiveness of the United Nations shall an important contribution towards the establishment of a more coherent and coordinated framework for a more consistent and effective internationally policy.


Statement by H.E Mr. Nestor Osorio, President of the Economic and Social Council, at the informal meeting on "The United Nations in global economic governance"


Distinguished Delegates,

Ladies and Gentlemen,

I am pleased to welcome all of you to this important thematic informal meeting on "The United Nations in global economic governance".

This meeting follows closely on the heels of a thematic debate hosted last month by the General Assembly on "The UN and global economic governance". The thematic debate was rich in both substance and levels of participation. There was agreement among Member States at that meeting that strengthening global economic governance remains of utmost importance, given the still frail recovery from the global economic and financial crises and the serious emerging challenges related to addressing climate change, ensuring food security, maintaining global financial stability and assuring the adequate supply of key resources such as energy and water,.

These challenges require forceful and internationally coordinated policy responses and would undoubtedly be best addressed in the context of a more accountable, inclusive and coherent system for global economic governance. Such system would entail effective arrangements for collective decision-making among diverse stakeholders at the international level.

In this regard, efforts to reform existing international governance arrangements need to pay heed to important new developments and actors in the global economic arena, with a rising demand for a re-balancing of the global economic power. The evolving global landscape, characterized by the growing economic importance of emerging economies, has encouraged the formation of new informal bodies, such as theG-20, with an increasing role in the international economic policy making.

These reforms should be complemented by efforts to ensure that economic decision-making at the international level becomes more collaborative and inclusive. It's of particular importance that the G20 continues to strengthen its engagement and cooperation with the United Nations, through more institutionalized, predictable and regular channels and, further enhances its relationships with formal institutions, non-members and other relevant stakeholders. Also, the UN could become a venue for enhanced interaction between international financial and trade institutions, the G-20 and non-G-20 Members States, by providing a platform to reflect on common concerns and share views.

The post-2015 development agenda will need a more structural, inclusive and systemic approach that can deliver on the transformative change needed to address current and emerging challenges and suggests credible strategies towards a secure, sustainable and inclusive pathway for global development. To this end, the international community needs a strengthened system of global economic governance, which goes beyond crisis prevention and management, and seeks for a more accountable, more inclusive and transparent global governance framework.

The United Nations has a central role in the global economic governance to gather both the necessary political will and policy coordination at the international level, as a truly universal multilateral forum with. unquestioned legitimacy. Strengthening the role and effectiveness of the UN would be an important contribution towards a more coherent and coordinated framework for consistent and effective policy making.

As a starting point, efforts need to be made to enhance the accountability, effectiveness, and coherence of the UN system at the intergovernmental, institutional and operational levels. The Secretary-General's report on "Global economic governance and development" emphasized that utmost priority should be given to implementing the Rio+20 outcome, which provides important mandates for strengthening the institutional framework for sustainable development. It also recommended that coherence be ensured across various UN intergovernmental processes, including those relating to sustainable development, the post-2015 development agenda and financing for development.

As proposed by the Secretary-General in his recent report on the strengthening of ECOSOC, a strengthened Ministerial Review could become a central venue for monitoring the implementation of the post-2015 development agenda, supported by the entire ECOSOC system. The Development Cooperation Forum meanwhile could promote mutual accountability as an overarching principle in the post-2015 development agenda. On this regard, we have an opportunity to truly rationalize the system by building on the strengths of what already exists.

We should strengthen the effectiveness of its main organs of the United Nations. ECOSOC has a key role to play as a convening space of the wider UN development agenda and the review of the global development agenda, the integration of the three dimensions of sustainable development, the preparations for the post-2015 development agenda and the effective implementation and follow-up of the outcomes agreed at the major United Nations conferences and summits. A comprehensive transformation is required in order to achieve a more focused program of work, to strengthen its agenda setting, to improve its working methods and interactions with other UN organs and subsidiary bodies.

Moreover, as decided at the Rio+20 conference, the United Nations General Assembly is also conducting informal consultations for the creation of the high-level political forum that will support the implementation and monitoring of the concept of sustainable development in its three dimensions. On this regard, the ECOSOC reform and the HLPF processes should be closely linked, given the important tasks for which they have been created and the role they both have in the sustainable development agenda.

A more participatory system of global economic governance would need to broaden and strengthen the involvement of developing countries in international economic decision-making and norm-setting. An effective system of global economic governance also requires the active participation of civil society and the private sector, in dialogue and activities pertaining to development.

To conclude I would like to emphasize that an effective and inclusive system of global economic governance will be essential for accelerating progress towards achieving the MDGs and for devising and implementing an actionable post-2015 development agenda.

I am confident that today's discussions will help us to move forward in the direction of arriving at a common ground from which meaningful reform can be undertaken in this respect.

Thank you very much.