UN General Assembly
1982

a profound solidarity. Whether we like it or not, no one is spared the effects of the daily economic decisions of the international community, and our own deci¬sions, in turn, cross frontiers. New economic policies largely based on a monetarist credo and on a lessening of government influence, promise both long-lasting control of inflation and the rapid resumption of sound growth. Everyone today is aware of the limitations of these policies which have led to massive budgetary deficits, the maintenance of excessive real interest rates and persisting stagnation. The absence of inter¬vention in financial markets explains the persistence of erratic variations in rates of exchange. 137. France, with several of its partners, has emphat¬ically criticized these policies for their serious conse-quences for the world economy, particularly the economies of the developing countries. 138. The fragile foundations upon which we have built our economies are beginning to give way. In order to halt the process, it is indispensable that action on the domestic front be coupled with active explora¬tion on the international front of ways of promoting a