DRAFT

A/63/838

Distr.: General

29 April 2009

Original: English

Sixty-third sessions

Agenda item 48

Follow-up to and implementation of the outcome of the 2002 International Conference on Financing for Development and the preparation of the 2008 Review Conference

Recommendations by the Commission of Experts of the President of the General Assembly on reforms of the international monetary and financial system

Note by the President of the General Assembly

1. The outbreak of the financial crisis in 2008 originated in the advanced developed countries, but has spread quickly to become a world economic crisis that affects all countries, including the emerging economies and less developed countries.

2. To review the workings of the global financial systems and to explore ways and means to secure a more sustainable and just global economic order, I have convened a Commission of Experts, chaired by Professor Joseph Stiglitz, 2001 Nobel laureate Prize winner in Economics, and comprised of a outstanding economists, policy makers, and practitioners drawn from Japan, Western Europe, Africa, Latin America, South and East Asia. These experts were chosen based on their comprehensive understanding of the complex and interrelated issues raised by the workings of the financial system. The Commissioners are also individuals recognized for their strong grasp of the strengths and weaknesses of existing multilateral institutions as well as their sensitivity to the particular challenges facing countries from different regions of the world and at different levels of economic and social development.

3. I now have the pleasure to transmit the preliminary recommendations of the Commission for your consideration. These recommendations and the analysis that underlies them will figure prominently in the interactive thematic dialogue on “The World Financial and Economic Crisis and its Impact on Development”, which I will convene from 25 to 27 March 2009 at United Nations Headquarters in New York. It is my hope that Members of the General Assembly will find these recommendations, and the dialogue next week, useful as they prepare for the United Nations Conference on World Economic and Financial Crisis and Its Impact on Development, which will be convened in little more than two months time in accordance with General Assembly resolution 63/239 of 24 December 2008.

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