The ILO’s tripartite structure is an asset. Given the context of globalization, worker and employer organizations could play an increasingly critical role in promoting appropriate financial sector policies and programmes. They will be called upon to speak up on the consequences of financial policies on investment, job creation and displacement. Enterprises and workers are directly affected by modifications in monetary policies that change the cost and yield of investments, attract or dispel foreign direct investment, open or restrict the access to the domestic capital market to foreign banks, providing or failing to provide incentives to houshold savings and so on.

Many social partner organisations look to the ILO for advice on how to position themselves on given legislative initiatives in this area. They would like to have a stronger capacity to analyse financial policies, their costs and benefits to employers and workers. They need to make informed decisions before confronting Ministries of Finance and central banks.

Workers, employers and their respective organisations could thus play a critical role in They also have an indirect advocacy role in facilitating access to financial services (worker banks, payroll deduction schemes, remittances of migrant workers etc.).

For more information, please contact Bernd Balkenhol.