Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations

Introduction The social agenda is long-term in nature, in the sense that poverty alleviation along with a better distribution of income, wealth and opportunities are long-term goals. A sound macroeconomic policy, on the other hand, has to do largely with the consistent management of short-term policy instruments pursuing a sustainable and predictable pace for aggregate economic variables and major prices (wages, inflation, interest rates and exchange rates). In spite of the different arena and rationale in which they play, there are strong links between the two. First and most obvious, macroeconomic adjustment and structural reform are more likely to be sustainable when they are equitable. Second, social intervention —i.e., policies, programmes and reforms aimed at improving social performance in the long run—, needs stable funding which is not always available in view of macroeconomic constraints. Third, macroeconomic instability —especially episodes of recession or hyperinflation— increases poverty and inequality, while restoring macroeconomic equilibrium does not restore previous social balances. Finally, there is no unique macroeconomic policy mix to tackle a given situation, and the policy options may not be neutral from a social standpoint. Monetary, fiscal and exchange rate policies, together with structural reform, have major consequences for the social wellbeing of societies, not only in terms of protection against shocks and crises but also in terms of equity. Many, if not all, of the necessary social policies are of a domestic nature. This report thus concentrates on domestic strategies aimed at maximizing the linkages between consistent macroeconomic policies and social progress. Pursuing them, however, depends to a considerable extent on the international enabling environment in which the global financial system, the unsettled debt crisis and increasing ODA flows play a significant role. Countries operate in a world economy where market players everywhere immediately scrutinize domestic monetary, financial or fiscal policy decisions and the performance of exchange rate regimes of individual countries. Under these conditions, the room for manoeuvre of policymakers has become considerably constrained. Consequently, it is becoming increasingly complex to incorporate the social dimensions into such policy decisions, to the extent that external analysts consider that authorities are sacrificing sound macroeconomic policies. The main message of the report is that the expediency of short-term economic efficiency as embedded in much of the advice on macroeconomic stability needs to be tempered by long-term development objectives. The report starts with a short historical background which describes the ascendancy of macroeconomic policies over social development policies (chapter I). It continues with an evaluation of the relation between macroeconomic consistency and social effort (chapter II), and the importance of sustainable and stable growth for social progress (chapter III). The report then turns to the need for an equity-enhancing growth strategy (chapter IV) and an analysis of the priorities of social policies in an integrated approach to growth (chapter V). The final chapter adds some final institutional remarks.

The United Nations and ECLAC at the half-century mark of the Organization

Includes bibliography

The creation of the United Nations and ECLAC

Includes bibliography

The United Nations in global governance, a Latin American and Caribbean perspective Santiago, 8 and 9 August 2011: regional seminar

Foreword by Alicia Bárcena

Report of the Caribbean Forum: Shaping a Sustainable Development Agenda to Address the Caribbean Reality in the Twenty-first Century

Includes a statement of condolences presented to the Government and People of the Bolivarian Republic of Venezuela on the occasion of the passing of President Hugo Chavez

First Forum of China and the Community of Latin American and Caribbean States (CELAC): Exploring opportunities for cooperation on trade and investment

This document is a contribution by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) to the First Forum of China and Community of Latin American and Caribbean States (CELAC),(Beijing, 8 and 9 January 2015). The document consists of three parts. The first part summarizes the main components of the international economic scenario for Latin America and the Caribbean. The second part provides a brief overview of trade and investment relations between the region and China. And the third part sets out conclusions and recommendations for improving the quality of economic ties between the two trading partners..

Summary of resolutions recently adopted by CDCC and resolutions of ECLAC and other organs of the United Nations which might be of special interest to member countries of ECLAC/CDCC

This paper brings to the attention of member countries of the Caribbean Development and Cooperation Committee (CDCC) resolutions adopted by past sessions of the Committee, since 2000, and the process of their implementation. Resolutions 55 to 66 for the period 2000- 2006 have been extracted from the reports of the eighteenth to twenty first sessions of the CDCC Also included for the information of member countries are selected resolutions recently adopted by the Economic Commission for Latin America and the Caribbean (ECLAC) and other organs of the United Nations. These resolutions greatly influence the preparation of the programme of work and are expected guide the day-to-day functioning of the secretariat. It is a great source of information for delegations, given the perceived special relevance of the resolutions to the membership of the CDCC. The resolutions listed in this document are pertinent to all subprogrammes of ECLAC and indeed the CDCC subprogramme 12 of ECLAC. However, the content of these resolutions either marked no real advance on the outcomes of the corresponding conferences that were held within recent times or were cast in a globally relevant context that did not address specific concerns of Caribbean countries to any significant extent.

Performance of Latin America and the Caribbean during the first years of the Decade of Action for Road Safety

This issue of the FAL Bulletin examines the performance of the countries of Latin America and the Caribbean during the first years of the decade of action for road safety. This document is part of the activities being undertaken by ECLAC as a United Nations regional commission in preparation for the Second Global High-Level Conference on Road Safety, which is to take place in Brasilia on 18 and 19 November 2015.