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17 November, 2008
Meeting on 6 November in Geneva, eight days before an economic summit for the world’s political leaders to address a financial crisis that already has caused great social pain, the ICEM Presidium passed a resolution, declaring the recent collapse “a turning point in history” and proof that “the current system of capital has not worked.”
After some debate, ICEM Vice Presidents agreed that the current market system has malfunctioned and that “creation of a new and fairer system of global capital” must “contain stringent financial oversight and governance, including a new set of global regulations.”
The resolution emphasizes the fact those citizens of the world least responsible for the collapse are the “most vulnerable, worst affected, and the least able to cope in the aftermath of the crisis.”
The resolution can be read here.