Financial Markets at the Service of
Development
Expectations and Proposals of Protestant
Development Organizations
regarding Banks and Governments
Aprodev
Annual Meeting, Kappel/Switzerland 31 May - 2 June 1999
Dr.
Christoph Stückelberger, Bread for All, Switzerland
Content:
1.1
Financing development
·
Aid agencies: strengthening micro-credit systems through
development projects
·
National governments: increasing or stopping the decrease
of the development budgets
·
UN: supporting the UN-conference on financing
development (2001?)
·
Investors/governments: „Second MAI“ as poverty-oriented
Agreement on Investment
·
IMF/WB: institutional reforms (e.g.voting rights),
adjusted international financial architecture
1.2 Debt
·
HIPIC: Cancellation of debts for poor countries/
counterpart funds for development
·
Odious debts: Cancellation of illegitimate debts for the
benefit of development
·
Insolvency right: Establishment of a new international
insolvency right
1.3
Capital control
·
Control of speculation: Tax for international speculative
short term transactions (Tobin-/Spahn tax)
·
Tax evasion: closing tax heavens, harmonisation of taxes
·
Capital flight: International Mutual Legal Assistance in
Criminal Matters
1.4 Ethical
Investments
·
Ethical funds: to increase the investments in ethical funds;
to influence their criteria, indicators and monitoring/ verification; to
strengthen the development aspect in ethical funds
·
Responsible shareholders: to influence shareholders through
ethical investments („l’actionnariat responsable“)
·
Corruption: to strengthen the manyfold instruments to
fight corruption
·
Training: training in ethics for investors and their
analysts and advisors
·
Theology: twofold de-mystification of money as the deliverer of good or the evil itself
1.1
Financing development
·
Linkage banking: strengthening micro-credit systems through
cooperation between banks and development organizations
(e.g. training of staff, risk management, bank controls)
·
UN-conference on financing development (2001?): dialogue on
strategies between banks and aid agencies
·
Investors: Liberalisation of financial markets and
investments only with poverty-oriented reglementations and technical assistance
·
IMF/WB: institutional reforms (e.g.voting rights),
adjusted international financial architecture. Expectation that banks take into
consideration the demands and needs of developing countries
1.2 Debt
·
HIPIC: Cancellation of debts for poor countries/
counterpart funds for development
·
Odious debts: that concerned banks are open for a dialogue
on cancellation of illegitimate debts
·
Insolvency right: dialogue governments/banks/aid agencies on the
establishment of a new international insolvency right
1.3
Capital control
·
Control of speculation: banks could/should develop
technical proposals how to tax
international financial transactions
·
Tax evasion: that banks cooperate in fighting tax evasion
·
Capital flight: that banks cooperate as much as possible in
international mutual legal assistance in criminal matters
1.4
Ethical Investments
·
Ethical funds: to increase the investments in ethical funds,
to include development aspects, to strengthen their monitoring
·
Corruption: that banks refuse to finance bribes in
international business transactions/investments (including the export risk
guarantee) and refuse to accept money coming from corrupt practices.
·
Training: cooperation of banks, ethicists and
development agencies in the training of ethics of investors and their analysts
and advisors
1.1
Financing development
·
National and continental (EU) development budgets: increase or no further decrease the
development budgets
·
Banking
and micro credit-systems: to support micro credit- and bank systems as
important part of the financial sector
·
UN: creative proposals of governments to the the
UN-conference on financing development (2001?)
·
Governments: Liberalisation of financial markets and
investments only with poverty-oriented reglementations and technical assistance
·
IMF/WB: institutional reforms (e.g.voting rights),
adjusted international financial architecture
1.2 Debt
·
HIPIC: Cancellation of debts for poor countries/
counterpart funds for development
·
Odious debts: that northern governments negotiate with banks
and southern governments on the cancellation of illegitimate debts for the
benefit of development
·
Insolvency right: dialogue governments/banks/aid agencies on the
establishment of a new international insolvency right
1.3
Capital control
·
Control of speculation: governmental proposal (like Canada)
to tax international speculative short term transactions
·
Tax evasion: to fight tax evasion by closing tax heavens,
harmonisation of taxes, international legal ccoperation
·
Capital flight: to strengthen international mutual legal
assistance in criminal matters
1.4
Ethical Investments
·
Ethical funds: to support ethical funds from governmental
side, coherent labelling and independent
monitoring/ verification
·
Responsible shareholders: to influence shareholders through
ethical investments of public pension funds
·
Corruption: to strengthen the manyfold instruments to fight
corruption, especially legal and fiscal instruments
·
Training: to support the training in ethics for
advisors, analysts and investors of governments and agencies.