International Economic Reconstruction and Systemic Reform Summit

A New Global Economic Architecture that works for the People and Planet, under the auspices of the UN: International Economic Reconstruction and Systemic Reform Summit.

The health and humanitarian crises induced by the COVID-19 pandemic triggered a global economic crisis, while the urgency to restore global growth may result in furthering the unresolved environmental and climate emergency. Inequalities within and between countries have been exposed and magnified, while unpaid domestic and care work have once again stepped up to increase the already huge subsidy to the global economy. Despite seductive narratives, powerful forces are already at play to use the crisis to further consolidate the already skewed concentration of economic and political power in few hands. We cannot allow this to happen.

We urgently need systemic solutions to the broken global economic architecture that reinforces the status quo of a global division of labour focused on the extraction of wealth and resources from the Global South. Decolonising the global economy needs to be the key priority. This is the time for the UN to promote again a global transformation based on the human rights framework, as it did 75 years ago. Time for rhetoric is over. The time to mobilize jointly around structural transformation is here. The time to act is NOW!

We call for an International Economic Reconstruction and Systemic Reform Summit under the auspices of the UN, as it remains the only place where developing countries are at the table with equal voice and vote. The Summit should work towards global consensus on a new global economic governance architecture that could foster systemic reforms while promoting human rights, gender equality, social equity and environmental justice.

Stefano Prato on the limits and possibilities of the United Nations at 75

“The democratization of global economic governance also requires a closer bridging of the democratic and bureaucratic deficits exposed by governmental representation by providing active and substantive civil society engagement at all levels. In this context, large segments of civil society, catalysed by the Civil Society Financing for Development (FfD) Group (the inclusive mechanism that engages civil society constituencies and social groups in the FfD process), have been calling for an Economic Reconstruction and Systemic Reforms Summit under the aegis of the United Nations, to discuss and negotiate a new global economic consensus that could alter the trajectory of the current extractive and destructive pattern of globalization and re-centre human rights, social and gender justice, and ecological sustainability.