The United Nations General Assembly President, Miguel d'Escoto Brockmann is pulling together a massive agenda for a global financial summit to be held on 1-3 June. The Summit will take place in New York and focus on the global financial crisis and aid to developing countries in dire need of humanitarian assistance. "I think we can say this is one of the most important meetings of the General Assembly ever," said Brockmann.

"I think the partitioning of the state of Palestine in 1947 is one of the biggest failures of the General Assembly of the United Nations.  But now, we are facing the worse economic and financial crisis of the United Nations in its history. More and more we are hearing that we still don't know what the bottom is--it has grown wider and deeper. It is a crisis affecting the entire world."

He underscored that social irresponsibility and greed on the part of a few countries, has forced a vast number of developing countries to pay the price.

"In the past, financial responsibility roles were matters to be considered by Bretton Woods Institutions, but now after sixty-four years, for the first time, we are looking at a new financial monetary trade architecture."

Brockmann said it is clear that the United Nations General Assembly is the only truly legitimate organization to work towards an inclusive system of democratization and decision-making processes. The Summit will be a first in a series of meetings that will take into account the need that the world is in an emergency situation. Brockmann hopes the Summit(s) will underscore the need for immediate action and lay the foundation for the new financial and economic architecture.

"The G-20 meeting was pretty much a failure, no matter how you slice it" he said. He added that 1.1 trillion dollars was supposed to go to developing countries but the chief economists say over 2-3 trillion is needed. He underlined that trust has been lost in the dollar but the United States continues to produce dollars. "We have to move ahead, we must all of us collectively assume responsibility. We must all work together in good faith and try to restructure the world financial system and good governance."

Brockmann will travel in the coming weeks to Venezuela, Bolivia, Cuba, Japan, Denmark and Brazil among other countries to get a number of heads of state on board to share their views at the Summit. Special drawing rights will also be put the agenda to promote more tighter, effective regulation policies. Leading countries tasked by the President to head up efforts for the Summit include The Netherlands, St. Vincent and the Grenadines.

Brockmann said there were several countries trying to limit the scope of the conference: "First world countries, the countries that are accustomed to ruling the world and threaten human beings who don't want to give up power, should we continue to allow them to force the rest of us to invest in the biggest chaos the world has known in sixty years?  Just because you are rich and developed does not mean you have the monopoly on financial knowledge."

Nevertheless, Brockmann added:  "I am extremely happy when I hear President Obama speak and was particularly moved at the Town Hall meeting in Strasbourg, France. I see him as a moral and spiritual leader. I applaud his very clear preference for dialogue and for not going immediately to solve the problems we have with arms and weapons. I hope the United States will be present at the Summit."

Brockmann said he hoped the Summit would help create a permanent foundation for the construction of a new social, economic governance of the world. "We must accept to live as brothers and sisters or we will perish. We are very close to the brink. There is no area of human activity that is out of limits for moral and ethical concerns."