UN General Assembly
1998

number of Governments also agree. The situation has clearly got out of hand. There has to be change and improvement in the international financial architecture. There must be rules to encourage greater transparency. Financial operators must abide by certain internationally accepted regulations. They must accept closer supervision so as to distinguish between genuine investors and currency speculators. There has to be an earnest effort among Governments to immediately engage in dialogues to revamp the system. We must undertake an immediate collective effort to find a comprehensive and workable solution to what is clearly now a global problem. A few developed countries cannot resolve this problem on their own. A few developed countries cannot forever remain rich and prosperous if more than two thirds of the world’s countries remain poor and socially and politically unstable. This is the time to enter into a genuine process of North-South dialogue on an issue of great interest to both. Malaysia welcomes the call by President Clinton for a special discussion in Washington on the financial and economic crisis that the world is facing today.