The EU has so far not shown any strong leadership for development. Not in the run up to the conference and not here at the conference in New York. They did not issue guidelines for the EU member states and the council conclusions which were issued on this conference were only a recycling product of the EC April communication.  There was no new promising steps forward on offer. The only visibility the EU gained in the process towards this conference was when they considered changing the postponement of the conference which was supported by the G77. It would be encouraging if the EU would announce additional commitments in addition to the outcome document, which we have now.

This seems not to be with no sign of any progressive position from the EU. The EU doesn`t feel comfortable with the idea of a stregthened UN in with a role on economic and financial governance. The big EU member states prefer to work amongst themselves in the G20 on these issues. Given this positioning of the EU, the outcome document can be considered a positive strategic step forward towards an inclusive global governance, bringing the discussion on the financial and economic issues into the UN.

Day two of the conference. Some people feel like the conference is already over since we have this outcome document, which is though not oficially approved yet. On the other hand there are lots of corridor talks, which indicate that 2 countries - one from the south and one from the north - are still trying to hold up their opposition to some issues in the document, i.a. paragraphs on taxation (which we are very rare anyway in the current document). The G 77 and the EU seem not likely to re-open the document.

At the start of the conference, today, we had already an outcome document, which was agreed on Monday afternoon in an informal meeting. This move took everybody by surprise and the following 48 hours were full of speculations if any grouping would consider to re-open that outcome document. Today, the UN conference began with another unexpected act: “Because of a broad consesnus on the document” (President of the General Assembly Mr. Miguel d'Escoto Brockmann), the Main Committee, which is the place for further negotiations, was not created. But the fact is, the document is not a done deal yet, until the final adoption by the General Assembly in their last plenary session.

What can be said about this outcome document, which found a consensus among the UN members after such a hard negotiations period, which was marked by fundamental disagreements amongst other things on a follow-up mechanism? The outcome document is not a strong document. On the contrary it is a weak, but it does include the formation of a working group and an expert panel, which I consider the highlights .Moreover, it is carefully crafted and brings the discussion on the financial and economic crisis and its solution into the UN. The fact that we have this document is a victory in the way that it shows that the UN can speak with one voice. It is not a strong document, and very few heads of state are here in New York at the conference. However, I would consider this document as a first step which has to be followed by other steps and we, civil society, must put pressure on the UN members and the institutions, to show that they are aware of these processes and that the goverments know that they are watched!

Verena Winkler will be reporting for Eurostep from the United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development, In New York, from 24 to 26 June 2009.