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July 20, 2011

ECOSOC 2011

A meeting of the High-level Segment of the United Nations Economic and Social Council (ECOSOC), with focus on education, took place in Geneva.

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Photo: Participants at the ECOSOC High-Level Segment. UN Photo / Jean-Marc Ferre.

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Photo: Joseph Deiss, President of the General Assembly, delivers his statement during the meeting of senior United Nations officials with local Pupils in the context of the 2011 ECOSOC High-Level Segment. UN Photo / Jean-Marc Ferre.

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Photo: A member of delegation of Qatar at the ECOSOC High-Level Segment. UN Photo / Jean-Marc Ferre.

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Photo: Nafisa Shah, Member of the National Assembly of Pakistan, addresses the ECOSOC High-Level Segment. UN Photo / Jean-Marc Ferre.

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Photo: Esther Duflo, Professor or Poverty Alleviation and Development, Massachussetts Institute of Technology, during the ECOSOC High-Level Segment. UN Photo / Jean-Marc Ferre.

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Photo: Otaviano Canuto dos Santos Fihlo, Vice-President, Poverty Reduction and Economic Management, World Bank, during the ECOSOC High-Level Segment. UN Photo / Jean-Marc Ferre.

ECOSOC was established under the United Nations Charter as the principal organ to coordinate economic, social, and related work of the 14 UN specialized agencies, functional commissions and five regional commissions. The Council also receives reports from 11 UN funds and programmes.

The Economic and Social Council (ECOSOC) serves as the central forum for discussing international economic and social issues, and for formulating policy recommendations addressed to Member States and the United Nations system.

ECOSOC is responsible for:

• Promoting higher standards of living, full employment, and economic and social progress;

• Identifying solutions to international economic, social and health problems;

• Facilitating international cultural and educational cooperation; and

• Encouraging universal respect for human rights and fundamental freedoms.

It has the power to make or initiate studies and reports on these issues. It also has the power to assist the preparations and organization of major international conferences in the economic and social and related fields and to facilitate a coordinated follow-up to these conferences. With its broad mandate the Council’s purview extends to over 70 per cent of the human and financial resources of the entire UN system.

|GlobalGiants.Com|

Quote

Mobius Says Another Financial Crisis ‘Around The Corner’

May 30, 2011 — Mark Mobius, executive chairman of Templeton Asset Management’s emerging markets group, said another financial crisis is inevitable because the causes of the previous one haven’t been resolved.

“There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings. “Are the derivatives regulated? No. Are you still getting growth in derivatives? Yes.”

The total value of derivatives in the world exceeds total global gross domestic product by a factor of 10, said Mobius, who oversees more than $50 billion. With that volume of bets in different directions, volatility and equity market crises will occur, he said.

The global financial crisis three years ago was caused in part by the proliferation of derivative products tied to U.S. home loans that ceased performing, triggering hundreds of billions of dollars in write-downs and leading to the collapse of Lehman Brothers Holdings Inc. in September 2008.

The freezing of global credit markets caused governments from Washington to Beijing to London to pump more than $3 trillion into the financial system to shore up the global economy.

— BLOOMBERG.COM

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