Information service of the Pontifical Mission Societies since 1927
Doha (Agenzia Fides) – The Conference on development financing sponsored by the United Nations in Doha, Qatar has ended without that overall shift in politics towards favoring the poor countries, which was so desired by several parties. However, the commitments assumed in Monterrey (Mexico), at the previous Conference, were confirmed. The international community has still not made direct options on financing development and growth in the planet's most underdeveloped nations, nor have there been interventions foreseen in light of the financial crisis, which has affected the world economy in recent months.
Among the decisions made by the Conference, however, is that of calling for another high-level meeting in 2009, on questions relating to the financial and economic crisis, and its impact on development. This Conference will be organized by the President of the UN General Assembly and will be basically planned by March. The calling for another meeting is, in fact, proof that many delicate matters – mainly those of a financial nature – are in need of more thorough reflection.
The Permanent Observer of the Holy See to the UN, Archbishop Celestino Migliore, was clear in his address, asking that the Conference take up some of the important themes on the international agneda, and among these he mentioned: “the anxiety over the economic and political consequences of an unprecedented financial crisis and the persistent devastating presence of terrorism, as evidenced by the tragic events in Mumbai, India.”
He continued: “This crisis presents an enormous challenge in finding ways to address the concerns of those most in need. At its root, the financial crisis is not a failure of human ingenuity, rather of moral conduct.” “The effects of such short-term greed and lack of prudence,” will make it so that “those who recently were able to rise out of extreme poverty are now likely to fall back.” Thus, the Archbishop linked two concepts: sustainable development and sustainable finance, both in light of a future turn of events in governing the global crisis.
“We often speak of sustainable development,” Archbishop Migliore said, with the goal of responding to “the needs of the present without compromising the ability of future generations to meet their needs. Likewise, sustainable financing should meet the present capital needs for development, while ensuring the long-term preservation and increase of resources.” And in this sense, the Holy See hopes that “the principle of sustainable financial development [may be applied] to financial markets.”
Thus, the representative of the Holy See called for a new role of financial institutions on a global level: “The international community must also give greater respect for the voices of those countries and individuals most in need of financial assistance. The Bretton Woods institutions need to be refocused and the so called G-8 and G-20 countries must ensure that the voices of those who are in such need of development assistance are heard and respected.”
A purely top down approach to development, Archbishop Migliore said, “will remain insufficient unless greater concern is given to those whose lives and countries are at stake.” In recent days, the Vatican, through the Pontifical Council for Justice and Peace, has placed emphasis on the urgent need to intervene in offshore financing, which plays a subtle yet crucial role in the present world economic crisis (see Fides 28/11/2008). (Mtp) (Agenzia Fides 3/12/2008)
