Jakarta Conference Recommendations
CSO Recommendations To Effectively Address The Impact Of The Global Financial Crisis On The Vulnerable Sectors In The Asean Region
(August 6, 2009)
We, representatives from civil society organizations of women and men migrant workers from the formal, informal and labor sectors, small-scale farmers, fishers, indigenous peoples, agricultural workers, consumers, academe and non-government organizations from the ASEAN region, gathered at the “Regional Conference on the Impact of Financial and Economic Crisis on Vulnerable Sectors of the Region: Civil Society Voices and ASEAN” held in Jakarta,Indonesia on July 28-29, 2009 wish to register the following recommendations to ASEAN and other intergovernmental bodies:
- We acknowledge that the global economic and financial crisis is a recurrent event that creates havoc on the livelihoods and welfare of many communities, especially the most vulnerable sectors. The crisis has been addressed through partial reforms, stimulus packages and bail outs. To prevent or mitigate future crises, we need a thorough re-examination of the global financial system and the formulation of the corresponding systemic, institutional reforms. We need to put in place a new global financial architecture that is fair and transparent, that has a development agenda and that is responsive to shocks. Reforms will include sound regulation of capital and financial markets including the need to control excessive flows and high risk leverage and regulate various financial products( e.g. sub-prime loans and credit cards). There, too, should be proper and timely disclosure of information on the advantages/disadvantages of financial products. A charter for the responsible sale of financial products should be developed.
