The world is currently facing the most severe financial and economic crisis in decades. The current global economic crisis is a major challenge for the international economic organizations and requires a rapid response to counter the impacts on the whole economy.
International organizations provide a common platform wherein representatives from different parts of the world can discuss and evolve solutions for the current crisis .
I would like draw attention to some specific features of the current crisis and the important role that international cooperation can play in mitigating its negative effects.
First, its scope. One of the peculiarities of the current situation is that what started as financial turmoil in the United States quickly paralyzed major parts of the world financial system with devastating effects on the global economy.
The most efficient way to counteract a widespread slowdown that affects at the same time the entire global economy is a coordinated international response. This demands not only addressing the obvious and immediate implications of the crisis but also anticipating what could be the likely ramifications in other areas, so as to design corrective actions enabling us to take preventive measures.
Second, there is a clear need for public intervention to address the crisis. The role of the public sector as a safeguard of economic stability is undisputed. Governments have thus a key role in shoring up confidence and, when necessary, in providing a direct boost to economic activity to offset private sector weakness. Moreover, in many cases it has already been identified that efficient policy responses require coordinated and agreed-upon actions by many stakeholders (including the public and private sectors, international organizations and the civil society), both nationally and internationally. Efforts to promote a wider and more comprehensive international multi-stakeholder dialogue on the policy responses to the global crisis...