Rethinking Bretton Woods | Tue, Oct 25, 2011
As the Group of 20 Leaders prepare to meet in Cannes to discuss and shape global economic policies, 190 organizations and networks from over 52 countries call on hem to give primacy to their duties to respect, protect and fulfill human rights in commitments on financial regulation.
Joint Civil Society Statement to the Group of 20 Leaders on Embedding Human Rights in Financial Regulation
We are writing to the Group of 20 Leaders, in advance of their upcoming Summit in Cannes, to remind them that even in the policies of a most eminently economic nature, their duties to respect, protect and fulfill the economic, social, cultural, civil and political human rights, including the right to development, do not cease, but should take primacy in every commitment they undertake.
In particular, we are demanding action on the following issues on the agenda of the G20:
- Endorsement of worldwide stimuli measures according to human rights principles;
- Reforms to prevent speculative activity in financial markets from undermining the enjoyment of human rights;
- Action to limit the damage to public funding of financial institutions that collapse due to excessive risk-taking
- Regulations of bank capital requirements consistent with human rights standards;
- Agreement to increase the relative fiscal pressure on the banking sector and to cooperate to increase transparency and mutual accountability in revenue mobilization;
- An agreement to drastically reduce greenhouse emissions which contribute to climate change.