12 October, 2008
Resolution on Financial Crisis
The UEF Congress meeting in Paris on 10-12 October,

- that the financial crisis, , has spread to the whole planet, causing insolvencies in institutions of global dimensions, jeopardising the savings and jobs of millions of families and;

- that this crisis runs parallel to the energy and food crises: last year saw an enormous increase in the price of raw materials and finished products, with an acceleration in inflation, partially contained in Europe thanks to the strength and the success of the Euro, the only real “shield”  in defence of the citizens;

- that the crisis follows and magnifies the crisis of the dollar, expression of the


unbearable level of American foreign debt, overburdened year after year, by  the balance of payments deficit;

- the financial crisis to be more than just a liquidity crisis, regarding solvency and reliability, but that it is above all a crisis of American hegemony,  manifested both in the crisis of the dollar as an international monetary unit, as well as in the growing incapacity to produce the “global public goods” necessary to govern the world economy – safety, legality, equality and sustainable development – in the absence of which the market is incapable of self-governing;

- that the global market, with the failure of the American attempt to insure unilateral government of the world economy, is in reality governed by no one;
- that, the global market needs to be organised in order to function correctly: rules of ownership and antitrust, the surveillance and control of the financial markets and the banks, the political economic interventions aimed at guaranteeing sustainable development, solidarity and global defence of the environment;

- that the real source of the monetary and international financial disorder lies with the absolute sovereignty of the national States and that such disorder could spill over into monetary wars, forms of protectionism and social regression;  

- that the most direct way to clearly show the alternative facing Europe and the World today is to establish a “European Government” responsible for foreign policy and defence, with powers of taxation and budget;  

- that the way to build a new economic or financial worldwide system, based on


democracy and responsibility towards peoples lies in the transformation of the current world economic institutions (IMF, World Bank, WTO) into supranational institutions with shared sovereignty, able therefore to operate in the general interest of humanity;  the European Commission and the European Central Bank to propose to the European Council to take the initiative and hold an international Conference, a new Bretton Woods, with the aim of:

1) redesigning the international monetary system on the basis of a world standard, aimed at creating a unit related to a basket of currencies (a world currency unit), a first step towards a “global currency”;

2) reforming the current global economic institutions in a supranational sense, to create a Global Supervisory Authority for the financial markets;

its own territorial network to the development of  the “Campaign for a European Government and a Federal Constitution” and, in relation to these topics, aims to promote public awareness of the need to swiftly re-launch the process of political unification in Europe, and open the way towards federalism.

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