BEGIN:VCALENDAR VERSION:2.0 PRODID:-//InvisionCommunity Events 5.0.10//EN METHOD:PUBLISH CALSCALE:GREGORIAN REFRESH-INTERVAL:PT15M X-PUBLISHED-TTL:PT15M X-WR-CALNAME:Network Calendar NAME:Network Calendar BEGIN:VTIMEZONE TZID:Europe/London TZURL:https://tzurl.org/zoneinfo/Europe/London X-LIC-LOCATION:Europe/London BEGIN:DAYLIGHT TZOFFSETFROM:+0000 TZOFFSETTO:+0100 TZNAME:BST DTSTART:20190331T020000Z RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=-1SU END:DAYLIGHT BEGIN:STANDARD TZOFFSETFROM:+0100 TZOFFSETTO:+0000 TZNAME:GMT DTSTART:20191027T020000Z RRULE:FREQ=YEARLY;BYMONTH=10;BYDAY=-1SU END:STANDARD END:VTIMEZONE BEGIN:VEVENT SUMMARY:International Day of Banks DTSTAMP:20221221T112805Z SEQUENCE:0 UID:215-7-014e54df8e55db0ddedbc25b476240ab@moraga.se ORGANIZER;CN="Julio Moraga":julio@moraga.se DESCRIPTION:\n (A/RES/74/245)\n\n\n\n On 19 December 2019\, the UN Gener al Assembly adopted resolution 74/245\, which designated 4 December as the International Day of Banks in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how\; and also in recognition of the vital role of the banking systems in Member States in c ontributing to the improvement of the standard of living.\n\n\n\n In Septe mber 2015\, the General Assembly adopted the comprehensive\, far-reaching and people-centred set of universal and transformative Sustainable Develop ment Goals and targets\, and reaffirmed its commitment to working tireless ly for the full implementation of those goals by 2030. It recognized that eradicating poverty in all its forms and dimensions\, including extreme po verty\, is the greatest global challenge and an indispensable requirement for sustainable development. The goals seek to achieve sustainable develop ment in its three dimensions – economic\, social and environmental – i n a balanced and integrated manner\, building on the achievements of the M illennium Development Goals and addressing their unfinished business.\n\n\ n\n Achieving sustainable development — in particular eradicating povert y\, reducing inequality and combating climate change — requires a long-t erm perspective\, with Governments\, the private sector and civil society working together to tackle global challenges. However\, a more uncertain w orld favours more short-term behaviour. Therefore\, private businesses\, m any of whom already face a range of short-term incentives\, hesitate to co mmit funds to long-term investment projects. During periods of financial i nsecurity\, households often focus on their immediate needs. And policymak ers are often guided by short-term political cycles.\n\n\n\n Hence\, effor t is needed at all levels to ensure that strengthened collective action ca n help reduce global uncertainty\, while financial innovation can generate significant progress across the 2030 Agenda and the Addis Ababa Action Ag enda.\n\n\n\n  \n\n ‘‘Globalization and technological change have con tributed to reducing extreme poverty at the global level\, but uneven dist ribution of the benefits has left many behind and has undermined support f or the global architecture.’’\n\n\n\n —Note by the Secretary-General (E/FFDF/2019/2) \n\n\n\n The global economy is facing heightened risks a nd financial volatility\, with global growth likely to have peaked. Geopol itical factors\, trade disputes\, financial market volatility and non-econ omic factors\, such as climate change risk further impeding growth\, stabi lity and development and worsening poverty\, inequality and vulnerabilitie s. It is becoming increasingly urgent to address the systemic economic and financial risks and architectural gaps that threaten the implementation o f the 2030 Agenda.\n\n\n\n Weaknesses in the global financial system could pose heightened risks to the achievement of the Sustainable Development G oals. Those risks include the volatility of international capital flows\, resulting from the short-term nature of many elements of international cap ital markets\; persistent global imbalances\; debt sustainability challeng es in the public and private sector\; and growing monopoly power and less effective competition policies. High debt levels in public and private ent ities\, including through highly-leveraged financial market derivatives\, raise vulnerabilities and feed boom-bust cycles. The compression of the wa ge share of income has exacerbated inequality. The rapid pace of technolog ical change\, while possibly providing new remedies\, can also exacerbate global systemic risks.\n\n\n\n In the Addis Ababa Action Agenda\, it was n oted that cohesive nationally owned sustainable development strategies\, s upported by integrated national financing frameworks\, would be at the hea rt of efforts. In response to the 2030 Agenda\, many countries have inject ed new life into their sustainable development strategies. However\, most strategies do not have concrete financing plans to fund their implementati on. As noted in the Addis Ababa Action Agenda\, the reflection process sho uld be complemented by efforts to increase coherence within the global sys tem and improve the inclusivity of global economic governance.\n\n\n\n In the medium to longer-term\, shifts in the international monetary system\, including those related to external adjustment and global imbalances\, cou ld increase financial volatility\, in particular in a period of political uncertainty. That fact underscores the importance of strengthened internat ional cooperation and of ensuring adequate resources and comprehensive cov erage in the global financial safety net. Under the current financial arch itecture\, currency risk associated with welcome international financing i s often borne by actors in developing countries that are least able to man age it.\n\n\n\n Given the complex and ambitious set of transformations nee ded to deliver on the 2030 Agenda\, coherence across policy areas is criti cal. There is a growing understanding of how financial regulations are aff ecting incentives for sustainable development investment. There is less un derstanding of the impacts of social and environmental risks on credit qua lity and the stability of the financial system. Policies and regulations n eed to act together in order to create a sustainable financial system. The regulatory system needs to be congruent with the measures used to boost t he sustainability of the private financial system\, such as sustainability reporting and impact measurement.\n\n\n\n Well-run national development b anks can help countries develop financing options for Sustainable Developm ent Goal-related investments. Such banks should be aligned with the Goals in a holistic way and be considered in integrated national financing frame works. Collaboration between national development banks and multilateral b anks\, through co-financing or on-lending arrangements\, can enhance Goal- related finance through the complementarity of international resources and local market knowledge.\n\n DTSTART;VALUE=DATE:20191204 RRULE:FREQ=YEARLY;INTERVAL=1 END:VEVENT END:VCALENDAR