The Need for a World Economic Security Body.

Today in our globalized world problems such as environment, natural resources, as well as finance stability are not longer under supreme control of any particular state. Contradictory enough, day by day, the gap widens between, on one other hand, the interdependencies that link the people of the entire world, that each day brings more substance to the idea of humankind or the human family, that make the planet a global village, and, on the other hand, the legal measures designed to organize international relations. 1 So far, wars and crises have caused dramatic changes in international relations and institutions. The answer of humanity to such wars and crises has been always the reformation of existing institutions, the establishment of new institutions as well as the adoption of new legal rules. From this perspective, one of the most concerning current world problems is the stability and sustainability of the World Finance System that have failed to avoid several grave international financial crises including the most recent one. Indeed, one of the reasons for the failure of the today’s World Financial System seems to be the discordances between the nature of the issues which are purely global and the approach to address them, which in the worse case is national and in the best case is partially global and uncoordinated. Additionally, because of this approach our International Community and in particular international organizations such as UN, CoE, OSCE, OECD as well as other sui generis forms such as the EU, have proven to be incapable to predict and to prevent crises in general and especially financial crises as long as they do not operate based on the same principles and what is the most important, for the same interests. Therefore, under such circumstances, would have to be the duty of UN as the World “State” to play a primary leadership role in managing and resolving world’s crises. Hence, it is important to emphasis that economic and other environment crises constitute very serious threats to world security which is also the primary goal for the establishment of the UN itself. Nevertheless, the current UN legal status is far way from having a leadership role in regards to world financial system since its institutional framework does not contain any institution which would primarily deal with world financial policies. For these reasons, world needs more than ever to have a World Economic Security Body that would be under the UN new mandate, since the UN is the only world forum who has legitimacy to take over such role.