A/64/279 coverage, 2 have greatly contributed to what can only be called a human rights disaster. 8. This current crisis, like previous ones, shows that neglecting social protection and the provision of social services comes at very high cost for present and future generations. Whereas the actual economic slowdown may be limited in time, its effects on many people may last for generations. The crisis may trap those who are unable to afford basic needs during a prolonged period of unemployment and very scarce income in extreme poverty for the rest of their lives, and their children may also face a lifetime of poverty. 9. Ensuring access to social protection is not an optional policy choice or a gesture of charity, but an obligation enshrined in international human rights law. Moreover, evidence from previous crises indicates that ensuring universal access to social protection is a sound economic decision. 3 10. In recent months, world leaders have repeatedly expressed their determination to respond to the collapse of financial markets. The allocation of public funding amounting to as much as $18 trillion (or almost 30 per cent of the gross world product) 4 to recapitalize banks, nationalize financial institutions and provide guarantees on financial assets, as well as the elaboration of fiscal stimulus plans amounting to about $2.7 trillion, demonstrates unprecedented political will to respond to the crisis. We must generate similar political will to ensure that long-standing pledges to reduce and eradicate poverty are translated into action and results. 11. There is evidence of substantial political momentum in favour of investments in social protection as a response to the crisis. It is crucial, however, that any measures taken are not short-sighted and do not ignore human rights commitments. States must not focus only on fixing the obvious problems in the architecture of the international financial and monetary system which have been revealed by the crisis. Such measures would be insufficient if people who are suffering as a result of the crisis are not put at the centre of the agenda and steps are not taken to protect their rights. 12. Beyond reaffirming the political will to rescue economies, the General Assembly must mobilize action to fulfil long-standing commitments to end poverty and respect human rights. Irrespective of crises, it is time to accept and recognize that social protection systems are necessary to effectively fulfil these commitments by providing protection to those people that continue to suffer the most acute consequences of economic shocks. 13. Admittedly, establishing social protection schemes is not a simple task. Tight budgets increase this challenge, particularly during a period of economic turbulence, but legally binding human rights standards demand the adoption of social protection schemes at all times. It must be underlined that social protection policies and schemes contribute to the realization of human rights. __________________ 2 3 4 09-45276 UNDP, Cash Transfers and Social Protection, International Policy Centre for Inclusive Growth, 2008. Martin Ravallion, “Bailing out the world's poorest”, Policy Research Working Paper 4763 (World Bank, Washington, D.C., October 2008). A/CONF.214/4, p. 3. 5