Eurodad's recommendations for the new European Parliament

Tuesday, 15 December 2009 18:00

Eurodad briefing: Promoting a development friendly global financial architecture

The economic and financial crisis has shaken the foundations of a flawed global financial system, with dramatic consequences for the world’s most vulnerable economies. But the crisis also provides a golden opportunity to re-regulate the financial system and change the development model so that benefits are more equally shared.

So far the scattered and insufficient measures put forward by EU decision-makers in response to the crisis are not living up to the hopes and aspirations of European citizens, whilst falling short of Europe’s global responsibility towards developing countries.

The European Parliament has a crucial role in ensuring that European economic, financial and development policies are coherent with the objective of the Lisbon Treaty to “foster the sustainable economic, social and environmental development of developing countries, with the primary aim of eradicating poverty” and to “ensure consistency between these and its other policies.”

At the beginning of this new term, the European Parliament faces a great historical responsibility. The EU risks losing its prominence on the global scene if it fails to meet the aspirations of European citizens and to deliver on EU responsibilities towards the rest of the world.

What can the European Parliament do?

- Promote a development friendly EU financial regulation

- Call for a pro-poor crisis response by the International Financial Institutions

- Urge EU Member States to support a debt work-out procedure

- Ensure that EU Member States reach their ODA commitments

Read the full briefing and Eurodad's eleven recommendations, including recommendations on aid effectiveness:

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