November 25, 2017

EU speaking points at High-level policy dialogue with the international financial and trade institutions on current developments in the world economy at 2012 Annual Ministerial Review of Economic and Social Council

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EU speaking points delivered by Ms. Christina Rafti, Deputy Permanent Representative of the Permanent Mission of Cyprus to the UN at 2012 Annual Ministerial Review of ECOSOC,  July 3, 2012

 

I am speaking on behalf of the European Union and its Member States.

We share the view that reforms aimed at improving the functioning of labour markets remain a pressing priority.

Young people in many countries are disproportionally affected by unemployment and underemployment and are especially exposed to working poverty and conditions of vulnerable employment.

Without fundamentally reforming labour markets and improving employment prospects for youth political reform processes will not succeed; experience has demonstrated that the greatest impact is achieved, when private sector businesses become an integral and active part of these processes.

In transforming current economic growth models into green growth models, countries will have to draw heavily on the private sector as this transition cannot be financed nor implemented by governments alone.

It is not only international organizations that should do more for human development to ensure that people are healthy, educated and able to find decent jobs; the European Union is working to continue to focus its development activities: as a minimum, 20% of the EU funding is dedicated to health and education, and in particular efforts are being made to continue to improve and increase our focus on women, transforming the Gender Action Plan into a living tool

In terms of development assistance, we believe that the Busan High Level Forum on Aid Effectiveness was a key event last year and that better aid coordination together with improved policy coherence contributes to the achievement of the MDGs.

Recalling that the European Union is the leading provider of Aid for Trade, the European Commission’s Communication of January this year on “Trade, growth and development” adapts the EU’s trade and development policy to changes in the global economy, notably the growing weight of emerging economies in international trade.

From now on, the EU will focus its efforts on LDCs and other countries most in need, notably through reformed EU preferential trade schemes; at the same time, the EU will increasingly look beyond preferences at other key issues of growing importance for developing countries, notably trade facilitation, investments and compliance with international labour and environmental standards, as well as help small operators from developing countries enter the EU market.

Recognising the critical role of national ownership and good governance, the EU remains prepared to assist developing countries in improving their domestic business environment and take better advantage of trade opportunities offered by open and integrated markets.

In line with the most recent G20 Summit held in Los Cabos, we reaffirm our determination to build a more responsible and solid international financial sector based on the Financial Stability Board recommended key attributes to effective resolution regimes.  Meanwhile, our commitments to increase IMF resources show that we are prepared to take the necessary steps required to promote global financial stability and enhance the IMF’s role in economic crisis prevention and resolution.