Financial crisis and development
Helping developing countries during the financial crisis
The current recession is affecting the global system at all levels – overturning the old notion that globalisation could only be good.
The hardest hit are those who were already the world's poorest – particularly those who had begun to climb out of poverty.
Since the beginning of the crisis, the EU has been acting on two fronts:
- minimising the impact on developing countries – a primary goal during the financing for development talks in Doha last December
- ensuring poor countries have a voice in world governance – the EU pushed for this during the G-20 summits in Washington and London.
To give EU action a coherent framework, the Commission has issued a policy paper - Supporting developing countries in coping with the crisis
The paper reaffirms the two guiding principles for EU relations with developing countries – partnership and solidarity.