New order necessary for world finance system: UN General Assembly President

Anwar El Shamy of Gulf Times reports from Doha Int'l Conference for financial Development:

A top UN official has called for a "new world financial architecture", saying that the current one is “no longer valid”.
Addressing a press conference at the conclusion of the UN Follow-up International Conference on Financing for Development in Doha yesterday, UN General Assembly president Miguel d’Escoto Brockmann said that the endorsement of a high level UN meeting, which is due to be held next March to “review the current world financial architecture”, has been the greatest achievement of the Doha meeting.
Brockmann said that the March meeting would be a great opportunity for all the heads of states to “set up a new Bretton Woods institution and reconsider the mechanism of the current international financial institutions.”
“Till the last moment of the Doha meet, some tried to fail it because they did not want lose their domination. But finally they chose not to be isolated. We believe that it is no longer acceptable that a few countries make decisions for issues affecting all. The post-WW2 world which was shaped by victors came to an end. The G192 believe that the current financial architecture is no longer valid,” he added.“Some countries are averse to the democratisation of the UN. They tried to prevent the endorsement of the UN meet to discuss the global turmoil. I was surprised by the support I got for the democratisation of the UN. But it is difficult to convince those who have the power to relinquish it”.
He also slammed the dominating culture of “profit maximisation irrespective of any ethical values” saying that it was one of the reasons for the current financial crisis.
“The current crisis is a man-made one. We have betrayed the core of our ethical values under the influence of the dominating value of individualism and selfishness. The problem is that idea of justice now has nothing to do with our economic activities. To save ourselves we have to move from the logic of selfishness to a human-centred development,” he added.
Asked about who would be attending the UN conference, he said all the heads of world sates will be invited.
“We will work hard to bring all heads of states. It is providing a great opportunity for all of them to participate as a proposal for a new world financial architecture would be submitted to the meeting,” he said, observing that the Doha document would serve as a great foundation stone for the high-level meeting.
The UN general assembly president said that the G192, the number of countries that attended the Doha-hosted UN meet, agreed that the commitments of aid development should not be affected by the current global financial turmoil.
“They also committed themselves to reactivate the Doha trade round,” he added.
Answering a question, he said there would be mechanism to follow up the commitments made by the developed countries.
“The developed countries should not regard their development aid as a gift or charity for the poor countries. It is a moral obligation on them. They should comply with their commitments,” he added.
Brockmann also hailed Qatar for hosting of the UN conference, saying that holding the meeting is itself a “magnificent contribution from Qatar to the development.” Gulf Times