TUAC - TRADE UNION ADVISORY COMMITTEE TO THE OECD

10/11/2009

"Introduction and Summary: Action for Employment Welcome, but Many Questions Remain

1. The G20 Finance Ministers meeting in St Andrews, Scotland decided to keep jobs high on the agenda for economic recovery and reform and to “maintain government support for the recovery until it is assured”.  The meeting also decided that the ILO will have a role in assessing the effectiveness of G20 policies for “strong, sustainable and balanced growth”, although the major players in this process will still be the International Monetary Fund and the World Bank.  A number of serious questions remain unanswered by the St Andrews meeting, including with regard to assistance for developing countries, a global financial transactions tax, the transparency and governance of the Financial Stability Board (FSB), and the commitment of resources to tackle climate change.

2. With regard to financial reform, the G20 Ministers made a welcome commitment to maintain the “momentum” of reforms and to continued efforts on ending tax havens.  However the brief section on financial regulation reveals a gap between the political level of the G20 process, which emphasises prompt delivery on financial reregulation as a matter of public accountability and democracy, and the slow pace and to some extent impotence of the institutions that are in charge of the implementation, as seen in the recent reports prepared by the FSB and IMF. Now, more than ever, political momentum for change and for regulation of global finance must be supported and should not wane. ... "

Links:

• 09/11/2009 G20 Finance Meeting: Action for Employment Welcome, but Many Questions Remain
• 06/11/2009 G20 Finance Ministers: Unions Call for Genuine Reform and Action on Jobs, Poverty and Climate
• 03/11/2009 Trade Union Statement to the St Andrews G20 Finance Ministers’ Meeting