New generation of global institutions needed, say Commonwealth leaders

LONDON: Accelerating World Bank, IMF and UN reforms and their effective implementation was a key intention outlined by Commonwealth leaders after talks on the reform of international institutions in London.
At a mini two-day summit , Heads of Government conveyed their intention to redefine the purposes and governance of Bretton Woods institutions. They pledged to work towards a Commonwealth consensus and wider international support for an international conference to achieve these goals.
At a news conference held at the Commonwealth’s headquarters at Marlborough House in London, British Prime Minister Gordon Brown identified food shortages, fuel price rises and the credit crunch as key challenges currently facing the global society, which require effective responses from international institutions.
“These problems need global action and a coordinated global response,” said Brown, who chaired the meeting, adding that “we cannot deal with these challenges without reform of these global institutions.”
A proposal for the possibility of an international conference to improve global environmental governance was mentioned in their final statement. This includes the possibility of a new international organisation or reform of existing arrangements.
This mini summit was the first step in implementing the decision of the November 2007 Commonwealth Heads of Government Meeting, at which leaders decided to establish a small representative group from their 53-member association, to undertake lobbying and advocacy for the reform of international institutions.
Bretton Woods refers to the town in New England, America, where an economic conference took place in 1944. The Bretton Woods system of international monetary management, established the rules for commercial and financial relations among the world’s major industrial states. It also laid the foundations for the establishment of global institutions such as the World Bank and the International Monetary Fund (IMF).
The meeting focused on practical steps which Commonwealth member states can take to achieve the reform and coherence of global institutions. They looked at international financial institutions, global environmental governance, and the UN system.
In their final statement, leaders said that global institutions must enjoy legitimacy from their member countries and the international community. They must also be responsive, with the interests of all members, especially the smaller and poorer, being taken into account.
The activities and governance of these institutions must be flexible, leaders observed, adding that they must respond to new challenges, national priorities and specific circumstances in countries.
“Institutions must have clear responsibilities and the conduct of their business must be transparent and accountable to the entire membership and the wider public,” Heads of Government stated.
They added that “it is essential that they be effective and capable of addressing today’s global challenges.”
The following leaders were present over the two day mini-summit: President Bharrat Jagdeo (Guyana), President Maumoon Gayoom (Maldives), Prime Minister Dr Navinchandra Ramgoolam (Mauritius), President Mahinda Rajapaksa (Sri Lanka), President Jakaya Kikwete (United Republic of Tanzania), Prime Minister Dr Feleti Sevele (Tonga), Prime Minister Patrick Manning (Trinidad and Tobago), President Yoweri Museveni (Uganda) and Prime Minister Gordon Brown (United Kingdom). Deputy Prime Minister Najib Tun Razak represented Malaysia and Vice-President Alhaji Aliu Mahama was the representative of Ghana.