Micheál Martin (Cork South Central, Fianna Fail)

The current global economic crisis presents us with major challenges which require a global response. We are working with our EU partners to contribute to a comprehensive and genuine reform of the global financial system, on the principles of transparency, banking stability, integrity and improved economic governance. In doing so, it is important to maintain a spirit of co-operation and openness.

Following discussions with President Sarkozy, the European Commission President, José Manuel Barroso, and US President George Bush, a number of international meetings was agreed. The US will host the first of these in Washington DC on 15 November, with the participation of the G20. The EU will be represented by the Presidency and by President Barroso. The European Central Bank will also be present.

As part of the process, the workings of the existing global institutions, in particular, the International Monetary Fund, IMF, and the World Bank, will be examined. Given the inevitable diversity of views, it is probably too early to take definitive positions on any issue at this time. However, we will continue to work with our partners in the European Union to define a Common Position and to safeguard the leading role the EU has so far developed. The French Presidency has convened a summit in Brussels this Friday with a view to developing a common EU position.

On 20 October, the President of the United Nations General Assembly proposed the establishment of a task force to consider how the United Nations could contribute to addressing the global economic crisis. The first meeting of this task force is scheduled to take place later in November, under the chairmanship of Professor Joseph Stiglitz.

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