Making Financial Markets Work for Development Peter Wahl

This paper analyses the financial sector crisis from the development perspective. The author attempts look a little closer at the interrelations between financial markets and development, and to develop expertise in order to engage in advocacy work and develop the capacity to conduct campaigns. This does not mean a shift away from the “core business” of development, given that the influence of financial markets on the South at least matches that of international trade.

The paper analyses the financial crisis in the wake of the upcoming conference on the financing of development, scheduled to take palace in Doha, 29th November- 1st December 2008. The author calls for civil society to charter a development friendly global financial structure in consistence with point 8 of the MDG which states “To continue the development of an open, regulated, calculable and non-discriminating trade and financial system”.

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(This paper was originally prepared for the German Protestant Development Service EED as a working paper for the International Follow-Up Conference to Review the Implementation of the Monterrey Consensus. Reprinted with the authors consent.)