28 October 2008, 12:05
The plenary meeting of the Assembly was dedicated to the discussion of the global financial crisis and the role of parliaments in prevention and elimination of global financial crisis processes. Oleh Bilorus delivered a speech, in which he declared the importance of introduction of a system of parliament members´ collective responsibility for such processes. Thus, he stated that current financial crisis had transformed into a complex economic crisis of the beginning of ХХІ century and involved food, energy, resource crises, etc.
The Committee Chairman defined the following reasons for the current crisis: unprecedented accumulation of domestic and foreign financial debts by super-advanced countries; impetuous rise of super-consumption of financial resources by advanced countries and global financial speculations that resulted in virtualization of global economy; unreasonable super-investments in the economy of super-advanced countries; the lack of supervision over economic development of super-advanced countries.
O.Bilorus suggested measures that could be taken in order to settle the said problems: introduction of a new system of long-term global financial planning and administration in the form of "a global financial government"; immediate establishment of national and international funds of financial risks insurance; extension of national and international financial reserve and stabilization funds; immediate introduction of the system of international financial responsibility for accumulation of debts, financial super-consumption and super-investment in the super-advanced countries; immediate establishment of a new body in the system of UNO the Economic Security Council that should deal with prevention and coordination of overcoming global financial crises.
119th Assembly of the Inter-Parliamentary Union was held in Geneva (the Swiss Confederation) on 13-16 October 2008.