Open Letter to the Governments of the G8
The people of the world have watched with shock and disbelief as some global financial
structures have dissolved in panic, and bastions of the investment and banking industry have
collapsed and disappeared. They have wondered as the world’s political leaders have been
forced to commit vast amounts of taxpayers’ money, in an effort to bolster and stabilise banks
and stock markets that have been shaken to the very core by corporate greed and profit-driven
mismanagement. They now fear what the effects of all this will be on the real economy.
At the same time, those same world’s citizens know that there is an alternative secure, stable
and sustainable model of business owned and controlled by 800 million people worldwide. It
is true to its global values and principles of self-help, sustainability, community ownership
and control, democratic participation, fairness and transparency. It is a model of business that
is not at the mercy of stock markets because it relies instead on member funds for its value;
and is not subject to executive manipulation and greed because it is controlled by local people
for local people. It is a business where the profits are not just distributed to its shareholders,
but are returned to those who trade with the business, thus keeping the wealth generated by
local businesses in the local community for the good of the local environment and families.
This is the co-operative sector of the global economy which employs 100 million people
worldwide. It is no coincidence that the world’s most successful and stable economies
generally also happen to have the world’s most co-operative economies.
It is also no coincidence, that those co-operative businesses that have stayed faithful to cooperative
values and principles, are the same businesses that in recent weeks have benefited
from the flight of deposits and bank accounts from the failing and collapsing investment
houses and banks – an acknowledgement of the continuing trust with which they are endowed
by the general public.
People know that a co-operative is a different kind of business – values led and with a
different ethos.
As the world’s political leaders plan their meeting to examine whether the global institutions
that govern the financial and banking system are fit for purpose we, those privileged to
represent the co-operative global economy, call on our political leaders to:
1. Use their combined political and financial strength to put the same energy and drive
into protecting the world’s people from the worst effects of the global recession that
we now face as a result of the corporate mismanagement of the investor led model of
business.
2. Ensure that in the struggle against recession, and in any reform of the global financial
structures such as a new regulatory system, they take special note of the stability and
security of the co-operative global economy and its value to the millions of individuals
International Co-operative Alliance (ICA): Open Letter to the Governments of the G8
and families which it is supporting in all corners of the world, and give this model of
business the recognition and political support that its contribution demands.
3. Ensure a level playing field between countries and banking models, and take account
the diversity of banking systems in future rules.
The International Co-operative Alliance stands ready to contribute its unique expertise to the
work of the G8 to resolve these issues.
Ivano Barberini
President
Stanley Muchiri
Vice President Africa
Carlos Palacino
Vice President Americas
Li Chunsheng
Vice President Asia-Pacific
Dame Pauline Green
Vice President Europe
On behalf of the Members of the Board of the ICA:
Alban D’Amours (Canada)
Won-Byung Choi (Korea)
Jean-Louis Bancel (France)
Jean-Claude Detilleux (France)
Steiner Dvergsdal (Norway)
Paul Hazen (USA)
Ramón Imperial Zúñiga (Mexico)
Surinder Kumar Jakhar (India)
Gun-Britt Mårtensson (Sweden)
Isami Miyata (Japan)
Lourdes Ortellado Sienra (Paraguay)
Janusz Paszkowski (Poland)
Javier Salaberria (Spain)
Felice Scalvini (Italy)
Seah Kian Peng (Singapore)
Teo Say Hong (Singapore)
Americo Utumi (Brazil)
The International Co-operative Alliance (ICA), founded in 1895, unites,
serves and represents co-operatives worldwide. It brings together 219
member organisations from 87 countries active in all sectors of the
economy with represent over 800 million individuals.
ICA is the custodian of co-operative values and principles and makes the
case for their distinctive values-based economic business model which
also provides individuals and communities with an instrument of selfhelp
and influence over their development. The ICA advocates the
interests and success of co-operatives, disseminates best practices and
know-how, strengthens their capacity building and monitors their
performance and progress over time.
ICA was one of the first non-governmental organisations recognised by
the United Nations in 1946. Today, it holds general consultative status.