Michael D Higgins (Galway West, Labour)

My appeal is not so much addressed to the General Assembly. The General Agreement on Tariffs and Trade emerged as an alternative to what had been agreed already, namely, the International Trade Organisation. It had been envisaged that the new body would report to the Secretary General of the United Nations through the UN Economic and Social Commission. I favour this mechanism on the basis that I am concerned, in the context of the international response, that the source of the fire sweeping through the international institutions is not being identified.

I specifically referred to hedge funds which, by purchasing in a particular manner, can depress the price of shares before purchasing these same shares and, through mergers and acquisitions, destroy companies, jobs and so forth. This is the forest fire which has swept across from the United States. While the Minister need not agree with my analysis, the appropriate starting point for addressing the problem is the UN Economic and Social Commission. The adjustments arising from the Sarkozy suggestions and made through the G8 effectively amount to more of the same.

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