Effective measures were needed to reverse that trend and address the high volatility of external financial flows.

III. FINANCIAL MATTERS . 59 72 20

The current financial crisis has made the need for reform of the international financial architecture patently clear.

That is why we state the need to reform the current international financial architecture, because it is outdated and ineffective.

Since the financial crisis in 1997, Asia has learned the need to strengthen the international financial architecture.

The systemic causes of poverty were rooted in the current international financial architecture, whose neo liberal conditionalities rendered the goal of poverty eradication illusory.

The international financial architecture had to be sufficiently flexible to accommodate different levels of economic development in different regions.

More needed to be done to reform the international financial architecture, particularly of the Bretton Woods institutions, to take into account the perspective of emerging and developing economies.

The new international financial architecture that all developing countries desire must achieve coherence in the management of multilateral monetary and financial systems.

Continued efforts were needed to reform the international financial structure, including enhancing the voice and participation of developing countries in the Bretton Woods institutions.

There is another important element in the Organization apos s financial structure the method of assessment.

International Financial System and Development

37. We also underscore our commitment to sound domestic financial sectors, which make a vital contribution to national development efforts, as an important component of an international financial architecture that is supportive of development.

Efforts to reform the international financial architecture need to be sustained with greater transparency and the effective participation of developing countries in decision making processes.

We also underscore our commitment to sound domestic financial sectors, which make a vital contribution to national development efforts, as an important component of an international financial architecture that is supportive of development.

12. Emphasizes the importance of the improved participation of developing countries in the work of the international institutions dealing with the reform of the international financial architecture, in particular the International Monetary Fund, as well as in relevant norm setting processes

The Case Against International Financial Coordination

(b) International financial system and development

(c) External debt crisis and development

Improving governance of the international financial system

Dubai International Financial Centre

57 241. International financial system and development

58 202. International financial system and development

60 186. International financial system and development

61 187. International financial system and development

59 222. International financial system and development

62 185. International financial system and development

(a) International financial system and development (continued)

International financial system and development

Development coherence included progress on fronts other than FDI, such as reform of the international financial architecture and progress in the WTO Doha Round.

The IMF can help monitor whether countries follow up on agreed undertakings in the FSB, and alert leaders to gaps in the regulatory framework and vulnerabilities in the financial system that need to be addressed.

The Comptroller General is to be complimented on his achievements in managing this structure within the limited resources available.

(b) International financial system and development (A 60 163)

Increasing international financial and technical cooperation for development

The world has avoided the Argentinization of the international financial system.

Structure

9. Reaffirms the commitment to broaden and strengthen the participation of developing countries and countries with economies in transition in international economic decision making and norm setting, and to that end stresses the importance of continuing efforts to reform the international financial architecture

It was also suggested that the international financial system needs to be reformed in order to ensure greater global financial stability.

Since then, the international financial system has been highly volatile.

Promising new ideas are being explored, such as the International Finance Facility.

Increasing international financial and technical cooperation for development

The role of Special Drawing Rights in the international financial system

In terms of domestic measures, a country s institutional architecture is a core element in ensuring financial stability and effective policy coordination and cooperation.

Ten years ago, at the time of the Asian financial crisis, there was much discussion of the need to reform the global financial architecture.

The task required improvements to the domestic financial structure and the ability to develop suitable investment instruments and to issue significant amounts of domestic currency debt.