a) Strengthening macroeconomic and financial surveillance and implementing an effective economic early warning system;

b) Urgently establish a UN system-wide vulnerability monitoring and alert mechanism to track developments and report on the political, economic, social and environmental dimensions of the crisis.

There is an urgent need to take swift and synchronized actions to improve existing global monitoring and reporting systems using economic, financial and sustainability indicators, based on but not limited to official statistics, which will:

  • provide insight in vulnerabilities in the global economy at large (including financial sectors) and serve that way as early warning systems;
  • identify which countries and population groups within these are most at risk to swings in the global economy;
  • monitor and provide insight into how stimulus packages are being spent and financed and into the distributional effects of these;
  • signal effectiveness of measures taken and provide information to facilitate decision-making to correct course when needed; and
  • set new micro and macro -prudential standards for improved monitoring of the stability of the financial systems in collaboration with the International Accounting Standards Board (IASB) and regulatory agencies. The UN system, in collaboration with Member States and relevant international agencies, could lead the coordination and development of such systems that should contribute to improved accountability of global public action.