In a speech at the OECD, the Secretary-General stressed that, "This is a unique opportunity to raise the paramount importance of integrity and ethics in the world economy. To build a stronger and cleaner global economy we need to think of the key elements of integrity and ethics. Progress in this area is the one essential ingredient to restore confidence in globalisation. He argued that there is a need for a Global Standard on integrity, propriety and transparency in business and a Charter on global sustainable activity."
Excerpts from the speech:
We are living the worst economic crisis of our lives. It is also the most global crisis ever. The size and complexity of the problem are linked to its remarkable global synchronisation. In all previous crises there was always a strong country or group of countries to bail us out. Today, all the major economic engines are affected.
There were many causes for this synchronised “power cut”, including massive regulatory, supervisory, corporate governance and risk management failures. There are also questions regarding honesty, propriety and transparency in the conduct of business. These issues may not be the direct cause of the crisis, but they are perceived to be closely linked to it, as multipliers of its effects and potential obstacles to its rapid solution.
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