Ron nechemia attends un meeting on economic crisis


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Ron nechemia attends un meeting on economic crisis

  1. 1. 19 June 2009 Media ContactEFG-US-20090619-1 Jeff Mustard EurOrient Financial Group 818-206-5322MEDIA ANNOUNCEMENT Mr. Ron Nechemia, Chairman of EurOrient Financial Group, to Attend United Nations Conference at the Highest Level on the World Financial and Economic Crisis and its Economic Impact on DevelopmentLOS ANGELES, CALIF.: 19 June 2009 – The United Nations is convening a three-day summit of worldleaders from 24 – 26, June 2009 at headquarters to assess the worst global economic down turn since theGreat Depression. The aim is to identify emergency and long-term responses to mitigate the impact of thecrisis, especially on vulnerable populations, and initiate a needed dialogue on the transformation of theinternational financial architecture, taking into account the needs and concerns of all Member States. Mr.Ron Nechemia, the Chairman of the Board of Directors of the EurOrient Financial Group (“EurOrient”)and a Permanent Representative to the United Nations, will attend the “United Nations Conference at theHighest Level on the World Financial and Economic Crisis and its Economic Impact on Development.”This extraordinary General Assembly session was mandated at the Follow-up International Conference onFinancing for Development, held in December 2008 in Doha, Qatar. Member States requested the GeneralAssembly President Miguel d’Escoto Brockmann to organize the meeting “at the Highest-level” with theparticipations of Heads of State and government. As an officially recognized representative of the privatesector to the United Nations, Mr. Nechemia, who is recognized as the founding father of private sectordevelopment, will be delivering a prepared Policy Statement to the conference. The conference iscomprised of plenary sessions and four interactive roundtable exchanges among world leaders andrepresentatives of the United Nations system, including the World Bank and the International MonetaryFund, as well as civil society organizations and the private sector.Mr. Nechemia’s policy statement will offer his perspective as a global development financier into theissues that fomented the collapse of the world’s financial systems while at the same time offering concrete Page 1 of 5
  2. 2. suggestions concerning efforts to mitigate the problems as they currently exist and recommending solidsolutions to improving the world’s badly damaged financial architecture.In his forthcoming Policy Statement to the United Nations Conference, Mr. Nechemia observes: “Government bodies, such as but not limited to, the US Securities and Exchange Commission (SEC) and the Federal Reserve Board of Governors in Washington DC, together with the international organization failed to understand the evolution in financial technology, and perhaps were not sure as to which of the government agencies has responsibility for oversight. This lack of oversight coupled with a failure to establish new guidelines that would mitigate risks associated with evolution of contemporary financial technology by imposing stricter safety standards and higher capital requirements in overall terms on the financial institutions in developed financial markets, compared to the previous standards contributed greatly to the present day global financial debacle. Both the scale and persistence of the attendant credit crisis seems to suggest that securitization—together with poor credit origination, inadequate valuation methods, and negligently insufficient regulatory oversight—have severely damaged global financial stability.”Mr. Nechemia also urges the following: • I stress the importance of the recognition that the markets have become global but our regulatory controls have remained local. A solution will only be found if we take steps to strengthen international financial regulation and supervision. • I am calling on harmonizing national with international regulatory policies and legal frameworks to enhance coordinated supervision and resolution of firms and markets that operate across borders • I urge that we need to explore the regulatory, supervisory, macroeconomic and financial stability issues raised by these new financial instruments in relationship to their contribution to current financial crisis. Page 2 of 5
  3. 3. • I reiterate my resolve to the urgent task before us is to develop processes, mechanisms and policies which can better link humanity to the benefits of globalization. This is the challenge which United Nations must address.“The impact, demands and challenges of this global financial crisis have rightly captured the attention ofworld leaders,” says Mr. Nechemia whose full policy statement to the 24 – 26, June UN Global FinancialCrisis Summit will be published in its entirety 24, June, during the day of the event at the United Nationsand will be made available on the company’s website: the critical importance of this global financial crisis and what it means to the people of theworld in lesser developed countries and emerging market economies in particular along with theinternational financial institutions whose charter it is to play a significant role in socially responsibledevelopment, Mr. Nechemia also attended the United Nations Conference on Trade and Development, 27April 2009. Barely one month ago, this conference agenda stressed and focused on, “Confronting theChallenges of Financing for Development: Coherence, Coordination and Cooperation in the Context of theImplementation of the Monterey Consensus and the Doha Declaration on Financing for Development.”This United Nations sponsored event was a “Special High-level Meeting of the Economic and SocialCouncil” (“ECOSOC”) with the Bretton Woods Institutions, the World Trade Organization and the UnitedNations Conference on Trade and Development where Mr. Nechemia delivered a Policy Statementconcerning sustainable development in the face of the global financial crisis.Says Mr. Nechemia: “The effects of the recent financial turmoil continue to reverberate around the world.Years of painstaking efforts -- across the international community -- hang in the balance. Unemployment isrising, food and energy prices are fluctuating, social protection systems are failing and access to credit andfinancial services is shrinking. All of this is taking a heavy toll on individuals, especially the poorest of thepoor.”An original participant at the convening of the first International Summit on Financing forDevelopment held from 18-22 March 2002 in Monterrey, N.L., Mexico, Mr. Nechemia brings a uniqueand historical perspective to the world’s dialogue on the Global Financial Crisis and the myriad issues Page 3 of 5
  4. 4. surrounding it. Mr. Nechemia’s attendance along with the solicitation of his ideas at that originalconference was extended via a United Nations General Assembly resolution (55/245A and B,respectively,) in which the Assembly decided to convene, at the highest political level, the InternationalSummit on Financing for Development; and, “Accordingly, and in pursuance of paragraph 11 of GeneralAssembly resolution 55/245B, EurOrient Financial Group (“EurOrient”) honorably was invited toparticipate” represented by Mr. Ron Nechemia in the historical International Summit on Financing forDevelopment on a Ministerial Segment. Mr. Nechemia’s participation aimed to elevate the vision byhighlighting how we all need to work together during the years to come, as the international communitybuilds toward the Millennium Development Goals, to create the brilliant tapestry of what sustainablefinancing for development is in practice.The Conference on the World Financial and Economic Crisis and its Impact on Development brings tobear the full authority of the General Assembly, the only universal body of sovereign states. It is not acounter-measure or alternative channel to existing international fora on economic cooperation and financialregulations. Rather, it opens up a complementary and supporting process that brings with it the voice, andultimately the buy-in, of all 192 UN Member States.“We have an historic opportunity – and a collective responsibility – to bring new stability andsustainability to the international economic financial order,” Assembly President d’Escoto declaredrecently. “This transformation – which could begin to narrow the North/South divide – requires theinvolvement of all nations of the world. This is the meeting of the G-192.”About EurOrientEurOrient Financial Group is a private sector global development finance institution accredited by UnitedNations General Assembly on Financing for Development. The mission of the EurOrient Financial Groupis to support the economic and social development efforts of the less developed countries as they, inparticular, seek to achieve the Millennium Development Goals ("MDGs").The EurOrients principal objective is to reducing poverty and promoting sustainable economic growth.EurOrient invests in projects and programs that promote social development, build human capacities, and Page 4 of 5
  5. 5. address host government priorities for investments in physical infrastructure that promote and enhancesocial development. These projects include roads, transportation and communication systems, water,sanitation and other types of investments with social development outcomes such as improved quality oflife and increased human knowledge and skills.Since being founded more than 20 years ago, EurOrient Financial Group today seeks to increasesubstantially the development impact of its activities by adopting new approaches in pursuit of its fivestrategic priorities; they are: (i) strengthening the focus on frontier markets, including small and mediumenterprises (SMEs), this includes infrastructure finance; (ii) building long-term partnerships with emergingplayers in developing countries; (iii) differentiating through sustainability competencies; (iv) addressingconstraints to private sector growth in infrastructure, agribusiness and advance technology; and (v)developing local financial markets through institution building and the use of innovative financialproducts.EurOrient at GlanceHeadquarters: Los Angeles, CaliforniaWebsite: www.eurorient.orgCEO: Mr. Ron NechemiaContactsMedia Contact: Jeff Mustard, Spokesperson for the President and the Chair Person of the Board ofDirectors of the EurOrient Financial GroupTel: 818-206-5322 - Email: ### Page 5 of 5