Addressing systemic issues


The Monterrey Consensus put the need of “Addressing systemic issues and ensuring the coherence and consistency of the international economic, financial and trading system in support of development” firmly on the international development agenda. In the Doha Declaration, Members States asserted that more progress is needed on systemic issues, which is “all the more urgent given the current financial crisis”.

In the Doha Declaration, Member States agreed that “the reform of the international financial architecture should focus on providing greater transparency and strengthening the voice and participation of developing countries and countries with economies in transition in international decision-making and norm-setting” and resolved “to undertake appropriate and timely steps to improve the functioning of the international economic and financial system.”

The Spring Note of the Secretary-General to ECOSOC recognized proposals for “effective supra-national mechanisms, as is being attempted, for example, in the European Union, to promote growth- and stability-oriented macroeconomic policies at the national level, including measures to guard off against policies that can lead to unsustainable imbalances at the global level”. This includes, in the long run, serious consideration of the provision of a globally managed liquidity and payments system.