Towards a Unified Position to Confront Global Financial Crisis

  • 31 March 2009

“The G20 Summit”, which will be held next Thursday in London, offers a great opportunity for the world to agree on a unified strategy against the global financial crisis that has cast its dangerous shadow over countries and societies from the west to the east. It is also an important occasion for settling past disagreements and differences over the best way to confront this crisis.

The summit is crucial as the global financial crisis is posing a lot of problems for various countries and threatens to revive regressive protectionist tendencies. All indicators show that the crisis could not be actively and effectively treated without greater international cooperation. The contours of this cooperation could be drawn during the course of the G-20 summit especially as its participants constitute international and regional forces that have a major influence on global economy and trade.

Despite various measures taken in the recent past at various levels to confront the impact of the crisis and to stop it from escalating, many experts warn that the worst is probably yet to come, and that the world might be faced with difficult situation. If some positive signs had emerged in different regions of the world in the campaign against recession, these leads would need a unified international direction. All sides should understand that the threat posed by the crisis has spread to people around the world, and that no country could confront it alone irrespective of their capacities and potentials.

The main concern of the global economic and financial crisis is that its fallout will not be limited to the economic sphere only, but would have a major impact on the political, social and security aspects as well. Within this context, comes UN Secretary-General Ban Ki-Moon’s warnings that political and humanitarian disasters could erupt around the world if the “G20 Summit” is not be able to agree on a unified strategy for treating this crisis. The warning of political, security and social problems has not merely come from the UN but from other organizations and countries as well. The research unit of the British Economist magazine has even come up with a “political and social disturbances indicator” that would measure socio-political instability caused by the crisis. This means that without a strong response to defeat the impact of the global financial crisis, the world could face a huge wave of political, social and security disturbances, which might eventually be difficult to control.

Experts and observers are looking expectantly towards the G20 Summit in London to overcome disagreements and coordinate actions to confront the most worst and most dangerous global economic crises since the Great Depression of the 1930’s. Hopefully, the convention would come up with decisions and solutions that match the extent of the danger that threaten the world’s progress and stability.