I am honoured to speak today on behalf of the European Union.
The unprecedented global financial crisis that the world is currently facing has highlighted the importance of devoting all our efforts to achieving the Millennium Development Goals (MDGs). Poor people will suffer the most from this crisis and we must continue to act to mitigate its impact. In our efforts to reach the MDGs it is important that we reaffirm the Monterrey Consensus as the foundation of the global partnership for development.
Shared responsibilities and the spirit of partnership are the essence of the Monterrey Consensus. Partner countries and donor countries alike need to deliver on their Monterrey commitments. This partnership is a prerequisite towards realizing the MDGs and achieving sustainable development.
For partner countries, a key measure is improved mobilization of domestic resources. This involves improvement of democratic governance, the rule of law, reduced corruption, business friendly policies, a broadening of tax bases and efforts to make migrant remittances cheaper and safer.
For donor countries, it is essential to deliver on aid volume commitments. There must be a fair burden-sharing among donors. Donor countries need to provide credible timetables that demonstrate how each country intends to reach the agreed ODA targets.
The European Union welcomes the reforms underway in the IMF and the World Bank. They are legitimate and tangible outcomes from the Monterrey Consensus. For the credibility of the World Bank as an institution, and our commitments of the Monterrey Consensus, rapid implementation of the agreed first part of the voice reform in the Bank is critical. It is vital that the reform processes contribute to more legitimate, inclusive and transparent institutions.
It is of utmost importance that we reach a swift and ambitious conclusion of the Doha Round of trade negotiations. This is particularly important to developing countries. Especially today, when we find ourselves in a situation with substantial turbulence in global financial markets and recession in many parts of the world, an agreement would be a much welcome boost to the world economy.
We must refrain from protectionist measures and work towards an inclusive globalization and an open world economy. The European Union has as an important role to play in this regard, as a major international market and a key trading partner for many developing countries. The European Union is and should remain – at the forefront, promoting free trade and increased market access for developing countries.
Climate change is an additional global challenge. Extraordinary resources are needed. As donors, we must act in a coordinated and harmonized way, and align our support with our partner countries national priorities. The financial architecture dealing with climate change must be efficient, effective and equitable
It is critical to ensure effective follow-up to the Monterrey Consensus and the Doha Declaration on Financing for Development and the commitments made therein. In this regard, the resolution on the Follow-up to the International Conference on Financing for Development is a welcomed reaffirmation of the importance of staying fully engaged, nationally, regionally and internationally, and to continue to build bridges between all relevant stakeholders.
To conclude, a great deal has been achieved since Monterrey. At the same time, much remains to be done. The partnership spirit from Monterrey should guide us in our further efforts. We must all pull our weight to attain the goals that we have all agreed upon.