General Assembly President says idolatry of markets caused financial crisis

Unrestrained worship of the market has led to the current worldwide financial crisis, General Assembly President Miguel D’Escoto said today, calling for solidarity between individuals and governments and a renewed faith in the value of regulation to resolve the economic problems.

“We are reaping the consequences of the idolatry,” Mr. D’Escoto told reporters at a press conference held after the end this week of the annual high-level debate at the General Assembly.

He said the failure of the markets to correct the problems that have emerged over the past year taught an important lesson: blind trust in the markets will only lead to trouble.

Mr. D’Escoto said solidarity was needed to overcome the crisis and to ensure that any response from policymakers was ethical and responsible and took into account the needs of the poorest, and not just financial institutions.

He stressed that unity should be viewed as the guiding principle in all political, economic and individual life.

The global financial crisis was the subject of much discussion during this year’s General Debate at the Assembly, with many world leaders raising concerns about its impact on the amount of aid and official development assistance (ODA) given by rich countries to poor States.