In October 2008, the President of the General Assembly of the United Nations, Miguel d'Escoto Brockmann, established the "Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System" chaired by Joseph E. Stiglitz. This commission had the aim of proposing necessary reforms in the world financial system that would prevent another event like the late-2000s financial crisis. The report frames the crisis as part of a series of simultaneous crisis, those of energy, food, water, and sustainability.
Besides Stiglitz, members of the commission included Andrei Bougrov, Yousef Boutros-Ghali, Jean-Paul Fitoussi, Charles Goodhart, Robert Johnson, Jomo Kwame Sundaram, Benno Ndulo, José Antonio Ocampo, Pedro Páez, Avinash Persaud, Yaga Venugopal Reddy, Rubens Ricupero, Eisuke Sakakibara, Chukwuma Soludo, Heidemarie Wieczorek-Zeul, Yu Yongding and Zeti Akhtar Aziz. Jan Kregel acted as rapporteur.
The report goes through four main topics:
- Macroeconomic Issues and Perspectives
- Reforming Global Regulation to Enhance Global Economic Stability
- International Institutions
- International Financial Innovations
The concluding comments of the report blame flawed policies as well as unsound economic philosophies for the crisis. The report advocates for the global community to "work for a robust and sustainable recovery" and for changes that support "long-term, democratic, equitable, stable, and sustainable growth".
- The Stiglitz Report, The New Press, New York, 2010, ISBN 978-1595585202
- Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System, September 21, 2009 http://www.un.org/ga/econcrisissummit/docs/FinalReport_CoE.pdf