Outcomes of the Round Table Discussion on Governance Dimensions of the Global Financial Crisis
Peter Eigen, the Founder Chairman of Transparency International, addressing the Round Table discussions on ‘Governance Dimensions of the Global Financial Crisis’ facilitated by Transparency International Sri Lanka (TISL),emphasized the urgent need for collective action to prevent further escalation of the crisis and the consequential impact on the global economy, (especially the under developed economies). He went on to state that poor governance was the underlying cause leading to the crisis and stressed that business and civil society had a critical collective role to play in monitoring the implementation strategies, the governments come up with in response to the crisis.
Peter Eigen further stressed the need for a new paradigm of Collective Action Coalitions in Sri Lanka, to effectively address the potential fall out from the Global Economic/Financial Crisis. He stated that only a coalition comprising of Government, Multilateral Partners, Private Sector, Trade Unions, Academia, Media and Civil Society committed to a new paradigm of good governance can make a difference in the face of the emerging challenges. He went on to implore the need for non confrontational pragmatic partnerships that seek to collectively address the real issues and challenges, conscious of the commitments to human rights, effective macro economic management and good governance, whilst recognizing the broad negative impact of corruption on poverty, social equity and potential loss of value addition(GDP).
Transparency International (TI) had earlier declared that the global financial crisis is the result of, ‘an enormous mismanagement of funds entrusted by the public to financial institutions, arising from a failure by public authorities to ensure the integrity and stability of the system and the safety and soundness of banking”. TI appealed to the leaders of G- 20 nations to recognize ‘What is particularly problematic is the broad economic and humanitarian impact of the crisis and urged that they ensure the poor do not suffer even more’. TI further outlined the under noted
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