The financial crisis - originated in developed countries - has severely impact on emerging economies and developing countries. In some countries, poverty and unemployment have increased dramatically as a result of the crisis. The project ‘Towards a Global Finance System at the Service of Sustainable Development’ is implemented in January 2010 by SOMO and five other European NGOs (and coordinated by WEED). The project aims at ensuring that European economic stimulus packages remain coherent with development concerns and EU development policy and with Millennium Development Goals (MDGs). The project will monitor and inform about the development impact of the financial crisis as well as current proposed financial reforms. A quarterly newsletter is part of the project.
In order to tackle the causes of the crisis and to reach towards a sustainable economic development, the project promotes new regulation and supervisory measures for financial markets at the EU and global level which include the interests of developing countries, and particularly of the global poor.
The following problems will be covered: preventing food speculation, regulating offshore centres, regulating and supervising all financial actors and products, strengthening public, micro-, community- and cooperative banking, reforming exchange rate and global reserve systems.
A quarterly newsletter will be produced, covering developments in EU financial reforms and providing analyses and background information with aim of informing NGOs and other civil society actors to engage in the debate.