UNITED NATIONS, Oct. 20 (Xinhua) -- United Nations General Assembly President Miguel d'Escoto Brockmann announced Monday that he will establish a high-level task force of experts to undertake a comprehensive review of the international financial system, including the major international economic institutions.
D'Escoto has appointed Nobel economics laureate Joseph Stiglitzas the chair of the task force and as the principal advisor to the president of the UN General Assembly for coordination of the process, d'Escoto's office said in a statement.
The composition and terms of reference of the task force will be announced soon after an Interactive Panel on the Global Financial Crisis, which is scheduled for Oct. 30 at the United Nations, the statement said.
In addition to Stiglitz, the Interactive Panel will also feature Francois Houtart of Belgium, Prabhat Patnaik of India, and Pedro Paez of Ecuador.
The task force will suggest steps to be taken by member states of the United Nations to secure a more stable global economic order, the statement said.
It noted that at the General Assembly in September, many leaders had expressed concern that the global monetary and financial arrangements, established in 1944 at the "United Nations' Monetary and Financial Conference" at Bretton Woods, New Hampshire, "need to be fundamentally reformed to better reflect contemporary economic realities in today's interdependent world and to better respond to the new challenges in a sustainable and equitable manner."
"There is a growing recognition that the current turmoil in the financial system cannot be solved through piecemeal responses at the national and regional levels but requires a coordinated effort at the global level," the statement said.
It stressed that currently "developing countries' voices and interests are not fairly represented in existing global institutions of economic governance."
"The developing world includes many more powerful economies than in 1944, its role in the trading system has grown significantly and it includes prominent creditor as well as debtor nations," it said.
"As the pressure for change builds up, the design of the new architecture must necessarily be inclusive and democratic to be credible and sustainable," the statement said.