World Economic Forum Annual Meeting 2009 (Davos) - Statement of Labour Leaders

A coordinated recovery plan for the real economy – How to achieve and shape a post-crisis world

The world is in the midst of an all-encompassing, unprecedented, triple crisis that
has already had a dramatic impact on the real economy. For the moment, we are
no nearer the end of the financial crisis than we were a year ago - it has grown
worse. So far we have only seen the tip of the iceberg with a collapse of the
financial sector, currency devaluation, growing unemployment and the threat of
global recession. The initial crisis that started in the U.S. housing market, which
led to first the credit market crisis and then the employment crisis, has evolved
into a complex and dangerous vicious circle, with falling housing prices and
unemployment combining to feed the crisis in the credit market. This cycle has
been replicated across industrialised and emerging economies, highlighting the
need for urgent coordinated fiscal action to stimulate the real economy to protect
jobs. Beyond this the global imperative before us now is to work together on a
more inclusive, just and democratic system for the governance of global financial
markets and the global economy in general...

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Statement of Labour Leaders to the World Economic Forum Annual Meeting 2009 (Davos)