The Co-Facilitators’ text would, in principle, have provided a reasonably satisfactory basis for negotiations, although it starts off from a cautious analytical base in terms of identifying the root causes of the crisis, and consequently lacks the strong development focus of the Stiglitz Commission Report, and push for solutions that prioritize policy space for developing countries, and clear development outcomes, including through a comprehensive range of systemic and global governance reforms. It takes a pragmatic and incremental approach to reforms, and attempts to position the UN within the global governance context of “ongoing work of established forums and mechanisms for resource mobilization, surveillance and regulation, coordination of policy action“, recognizing that this work needs to “be improved upon according to [the] respective mandates and
procedures [of the UN as well as economic, financial and trade institutions], and that the process of institutional and systemic reform will be shaped by existing international agreements.” Significantly, it explicitly recognizes the competence of the ILO in providing a global response to the jobs crisis, through “a Global Jobs Pact on the Decent Work Agenda.”

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