UN General Assembly
1998

We must consider ways of implementing an early warning system that will allow us to detect financial crises in time and thus avoid their harmful effects. In the recent past, there have been warning signs which in isolation were not identified as a prelude to more serious problems. We must collect such experiences, learn from them and prepare ourselves better for the future. 10 No country is free from responsibilities, just as no country is free of the effects of international financial imbalances. It is therefore up to us together and with a clear sense of direction to seek the proper mechanisms to respond early to signs that larger problems are imminent. In this universal forum, I reiterate our conviction that we must act resolutely in the short term. We need to define an agenda for international economic stability. We appeal to the Secretary-General so that, under his leadership and guidance, we can share experiences and proposals that will help us work toward global financial security. By attaining that goal of preventive diplomacy, we