Research and information system (RIS) organized the high-level conference on financial crisis, global economic governance and development: responses of Asia and the global South, in New Delhi on February 2009. The main objective of the conference was to understand the impact of the global financial crisis on developing countries and discuss the policy responses by Asian countries and the global South at national, regional and global levels. Experts at the conference presented the national responses to the crisis in terms of country experiences, especially the national-level stimulus packages but realized that a lot more needs to be done, nationally.

It was highlighted that in a decade or so, the South may well account for more than 50 per cent of the world income in purchasing power parity terms and more than 50 per cent of the world trade, savings and investment as well as labour force and capital. Considering the resurgent South and the fact that the Asian and emerging economies would be the major growth drivers in the world economy, the relevance of the South-South cooperation and specifically regional economic integration in Asia was highlighted by the conference.