Micheál Martin (Cork South Central, Fianna Fail)

I am not entirely convinced by the Deputy's argument. It is much to early to rush into a definitive position on the best international mechanism to deal with the present circumstances. My understanding of the historical background of this issue is that the relationship between the International Monetary Fund and United Nations was governed by a broad framework agreement entered into in November 1947. There has been a relationship between these two organisations in so far as the IMF and World Bank are specialised agencies in which the UN Secretary General is involved although they remain autonomous.

While new mechanisms are clearly required, we must be careful not to have a knee-jerk response to the current problem. In the first instance, we must analyse more deeply what has gone wrong. It is only through such analysis that one develops an appropriate international regulatory response. We must avoid duplication and overlap and, above all, ensure coherence in whatever emerges in what is potentially a new order in terms of the organisation and regulation of global financial systems. This is an issue for debate. Reverting to a position in which this matter comes entirely within the UN General Assembly, as the Deputy appears to propose, raises questions regarding the effectiveness of any such system.

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