Global Financial Integration Challenges and Opportunities

A/RES/50/91No PDF available

Who created this mandate?

A Resolution of the General Assembly, under agenda item 94aFinancing of development, published in 1996.

What subjects does this mandate have?

5 topics

Capital Movements Development Finance Financial Flows International Finance International Financial Institutions

What does this mandate say?

8 operative paragraphs

Stresses that global financial integration presents new challenges and opportunities for the international community and that it should constitute a very important element of the dialogue between the United Nations system and the Bretton Woods institutions;

Underscores the need for encouragement of private flows to all countries, in particular to developing countries, especially long-term flows, while reducing the risks of volatility;

Recognizes that, in a globalized world, sound fiscal and monetary policy in each country is among the elements essential in preventing crises relating to capital flows;

Emphasizes the need to explore ways to broaden appropriate enhanced cooperation and, where appropriate, coordination of macroeconomic policy among interested countries, monetary and financial authorities and institutions, so as to enhance preventive consultation arrangements between such institutions as a means of promoting a stable international financial environment conducive to economic growth, particularly in developing countries, taking into account the needs of developing countries as well as situations that may have a significant impact upon the international financial system;

Reiterates the need for broadening and strengthening the participation of developing countries in the international economic decision-making process;

Welcomes the steps taken by the International Monetary Fund and recognizes the need for a stronger and central role for the Fund in surveillance of all countries, in a symmetrical manner, in accordance with paragraph 4 of the communiqué of the Interim Committee of the Board of Governors of the Fund, dated 26 April 1995, with regard to potential sources of destabilization of capital markets with a view to promoting transparency and stability in international financial markets and promoting economic growth, such surveillance including, among other elements, the regular and timely provision of economic and financial data;

Reaffirms the objective of promoting greater transparency and openness, including increasing participation of developing countries in the work of the International Monetary Fund, an objective that involves, among other elements, the regular and timely provision of economic and financial data by all Fund members;

Requests the Secretary-General to report to the General Assembly, at its fifty-first session, in cooperation with the Bretton Woods institutions and the United Nations Conference on Trade and Development, on the implementation of the present resolution.

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