IMF Executive debate financial crisis

GENEVA: Executive Committee members of the International Metalworkers' Federation met in Geneva to discuss the global financial crisis and develop an international collective strategy for steps forward.

"There is now an urgent need to strengthen regulation and supervision of banks, rethink the rules and governance of international finance and institutions, and implement a comprehensive and coordinated recovery program that is able to steer the world economy onto a path of equitable and sustainable development and with full employment as a main policy goal," announced the IMF in a statement unanimously passed by members of the Executive Committee.

In addition to greater regulation of financial institutions, the IMF is calling for major investment programmes in infrastructure, housing, education, health and social services and the environment, noting that "fiscal monetary and industrial policies must be pursued to generate quality employment and boost purchasing power for all."

The executive also adopted a resolution in solidarity with global autoworkers calling for urgent remedial actions, but not at the expense of or sacrifice by workers. "Provision of loans to the automotive sector with public and employment safeguards is a necessary measure to address immediate financing needs for automotive companies during a period of extreme credit market dysfunction," the resolution stated. IMF Executive Committee members will hold a special discussion regarding the financial crisis in relation to the auto sector at an Extraordinary Executive Committee meeting on February 19, 2009.

Via video conference, Napoleon Gómez, general secretary of the Mexican Metalworkers' and Miners' Union (SNTMMSRM) and IMF executive committee member, urged the IMF to continue to pressure the Mexican government to end its attacks against the miners' union. IMF executive members unanimously agreed to take immediate further action.