Senior UN economic, social official celebrates awarding of Nobel Prize in Economics

Ambassador Martin Sajdik, President of the United Nations, Economic and Social Council (ECOSOC) congratulated French economist Jean Tirole today for winning the 2014 edition of the Nobel Prize in Economic Sciences, citing his contributions on global regulatory behaviour as being of “particular relevance.”

“In the continued aftermath of the global financial crisis, Mr. Tirole’s research on market regulations and the role of the State is as important as ever,” Mr. Sajdik said in a press statement.

According to The Royal Swedish Academy of Sciences which assigns the award, Mr. Tirole’s analysis of market power and regulation has helped clarify how to best understand and regulate industries dominated by a few powerful firms.

“His insights on global regulatory harmony are of particular relevance to the International Community in its efforts to establish an effective system of global economic governance,” Mr. Sajdik concluded.