UN General Assembly
2011

region being paradoxically deposited into the banks of developed countries. In the same way, this fund is complemented by a regional payment system, which has started to work through the Unified Regional Payment Clearing System, with excellent results to date. This system is leading the way towards a common physical currency in our region. These regional initiatives can, and should be, integrated into a regional integration framework that extends beyond the economic and financial spheres. Such is the case with the Union of South American Nations, the headquarters and secretariat of which is located in our capital, Quito, the Community of Latin American and Caribbean States and the Bolivarian Alliance for the Peoples of Our America — Peoples’ Trade Agreement. My country stresses that these regional responses should be considered as complementing the urgent global measures required for better understanding and cooperation among regions. At the same time, Ecuador urgently calls for a comprehensive reform of the world economic and financial system, including measures such as the creation of an economic coordination council and an