Stiglitz Commission established by the President of the United Nations General Assembly was in the international news. The commission was supposed to deal with

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Q: 46 (IAS/2010)
Stiglitz Commission established by the President of the United Nations General Assembly was in the international news. The commission was supposed to deal with

question_subject: 

Current Affairs

question_exam: 

IAS

stats: 

0,61,94,44,61,28,22

keywords: 

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The Stiglitz Commission, also known as the Commission of Experts on Reforms of the International Monetary and Financial System, was established by the President of the United Nations General Assembly in 2008 to deal with the workings of the global financial systems and explore ways and means to secure a more sustainable global order. Therefore, the correct option is "The workings of the global financial systems and to explore ways and means to secure a more sustainable global order."

The commission was named after its chairman, Joseph Stiglitz, a Nobel laureate in economics and a former chief economist of the World Bank. The commission was tasked with reviewing the global financial system and proposing reforms to ensure stability, sustainability, and inclusiveness. The commission`s final report, released in 2009, made several recommendations, including the need for greater regulation of financial markets, more attention to the social and environmental impacts of economic policies, and the establishment of a global reserve currency to reduce the dominance of the US dollar.

The commission`s work was motivated by the global financial crisis of 2008, which highlighted the vulnerabilities and imbalances in the global financial system and the need for international cooperation to address these issues.