In fact, a political veto is applied on really looking at innovative financing. The Special Session illustrated just how difficult it is to extricate a political consensus and honest appraisal of commitments that had not been honoured, even despite knowing it is not a pledging conference. While there were many in the developed world who wanted to go further, there were a few, one or two most surprisingly, who held others back. The UN has precious little to translate words into real action. More heads of government must be involved in the real discussions at the UN in order to put life and political content into the debates, not just the annual general debate at the Assembly in September.
Foreign ministers have declining clout over issues of economics and development.
The UN, Razali said, must also address squarely the issue of globalization. But important as it is, the higher issue is growth and development and social justice and equity. Not all developing countries are ready for integration into the globalized system. The UN must need to look at these, especially from developing countries and from a global perspective. Developing countries need to develop and strengthen their own financial and banking systems, and not to be over eager to link up with the global financial system.