Financial Crisis Effects Key Focus of ICEM Executive

Members of the ICEM’s Executive Committee discussed and deliberated on the effects of the world’s financial crisis on day two of the statutory body’s annual meetings 24 June. The discussion started with ICEM General Secretary Manfred Warda outlining the unified strategy that Global Union Federations (GUFs), together with the International Trade Union Confederation (ITUC) and TUAC of the OECD, are pursuing in order to shift from the failed policies of global capital.

Those strategies include stricter engagement with the world’s financial institutions in order to make meaningful structural changes. The ICEM invited Peter Bakvis, the GUFs’ and ITUC coordinator in Washington, DC, who monitors activity of the World Bank, International Monetary Fund, and the regional development banks.

Bakvis gave the underlining causes to the crisis, and the warning signs that were given by global labour to the institutions in the years leading up to the 2008 crisis. He also told ICEM Executive members of the trade union response since the collapse of last autumn. His presentation can be found here.

ICEM Executive Committee, Tuesday 23 June

Some 25 members of the Executive then gave overviews and crisis responses from their unions and countries. Their testimony saw reviews of safety nets in various countries for the growing number of unemployed, as well as specific situations within ICEM sectors that have been deeply affected.

A resolution on the crisis was presented. That document was amended by delegates to warn against governments adopting stringent protectionist measures, and it also denounced trends toward racism, xenophobia, and any move toward political parties that reflect such anti-social conduct.

Delegates also denounced companies which have used the crisis as a pretext to implement destructive social measures. The ICEM Executive Committee’s Resolution can be found here.

The ICEM will continue to update trade union responses to the financial crisis on its website under “Financialisation,” and the first effort in that regard can be found here.