Y V Reddy nominated to UN task force

Y Venugopal Reddy, former governor of the Reserve Bank of India (RBI), has been nominated to a UN task force that will suggest possible reforms of the global financial system. 

His appointment to the 10-member experts committee was announced by Miguel d´Escoto, president of the UN General Assembly.

Joseph Stiglitz, recipient of the 2001 Nobel Prize in economic, will head the committee that will make recommendations to the General Assembly on reforms of the International Monetary, the World Bank and the global financial system.

The commission will suggest steps that the member states can take to secure a more stable global economic order, Enrique Yeves, spokesperson for the president of the General Assembly said.

Besides Reddy, the commission also includes another Indian origin person, Avinash Persaud, from Barbadis. Persaud, who currently is chairman of Intelligence Capital Limited, is a member of the council of the London School of Economics and Political Science (LSE) and founding director of the Global Association of Risk Professionals.

Other members of the commission are Zeti Akhtar Aziz, governor and chairman of the Central Bank of Malaysia; Chukwuma Soludo, governor of the Central Bank of Nigeria; Yu Yongding, former member of Monetary Policy Committee of the People's Bank of China; José Antonio Ocampo, former social affairs and finance minister of Colombia; Eisuke Sakakibara, former Japanese vice minister of finance and international affairs; and Jean-Paul Fitoussi, president of the Scientific Council of the Institute d'Etudes Politiques de Paris.

Jomo Kwame Sundaram, assistant UN secretary-general for economic development, represents the UN in this commission.

The commission is scheduled to meet in December, January and March.