Stronger UN role needed in global economic governance: official

13:25, July 12, 2011      

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Sha Zukang (C), the Under-Secretary-General for Economic and Social Affairs of the United Nations, attends the annual session of the United Nations Economic and Social Council (ECOSOC), in Geneva, Switzerland, July 11, 2011. (Xinhua/Yang Jingde)



A stronger role of the United Nations (UN) is needed in the global economic governance system to cope with new economic realities, a senior UN official said on Monday.

Speaking at an annual session of the United Nations Economic and Social Council (ECOSOC), Sha Zukang, the Under-Secretary-General for Economic and Social Affairs highlighted the inadequacy of global economic governance system.

"Our existing system of global economic governance was put in place more than 60 years ago. Many argue that it has not kept pace with international economic integration and interdependence," he said.

There have been voices recommending a representative body within the UN to enhance coordination, cooperation and coherence across the UN system, as well as to perform an effective policy-making role, Sha added.

Noting that the World Bank and IMF have taken steps to address imbalances in voice and representation, Sha held that the new UN system also needs balanced representations.

"An increasing number of countries have called for additional steps to strengthen the voice and representation of developing countries in the Bretton Woods institutions and other related bodies," Sha said.

"However, much more needs to be done," he concluded.

Source: Xinhua
 
 
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