Ten years on from the 2008 financial crisis, the global debt justice movement is warning of the signs of the next global debt crisis. Analyses show the continuous worsening of debt trends
and indicators in the Global South, which come after an extended period of enhanced capital export from the North. However, the global financial architecture remains unreformed and ill-equipped to deal with a new crisis. Despite our longstanding calls and campaigning for the creation of a fair and orderly sovereign debt workout mechanism, the debt crisis management architecture is still as inefficient and unfair as it was 30 years ago. To prevent the next sovereign debt crisis in the Global South from resulting in another lost decade for development, orderly and comprehensive debt resolution processes are more urgently needed than ever.
The global debate as well as CSO campaigns on fundamental debt justice reforms have lived through ups and downs, with several highlights, which have been followed and preceded by phases when global reform seemed out of reach.
After two decades of CSO work on such a reform there are many experiences from which to learn. And on the brink of the next global sovereign debt crisis, it is a critical time to rethink strategies and make plans for a new push.
PURPOSE OF THE MEETING
- Establishing a joint understanding on key elements of a sovereign debt management reform in general and a debt workout mechanism in particular
- Stock-taking of substantial debates, strategic successes and failures through our campaigning and advocacy history
- Establishing a basis for joint advocacy and campaigning efforts in the short- and medium-term
- Agreeing on a co-ordinated medium-term strategy towards a global reform.
We pondered on:
- Opportunities for reform in the present global political landscape: Mapping of opportunities, obstacles, supporters and enemies (nationally and internationally)
- Campaigns, Advocacy, Lobbying, Street Action…. How can the issue and political initiatives be communicated in a coherent way on the national and international level?
*Text borrowed from eurodad.org