UN General Assembly
1984

210. The international monetary system also is unable to respond to the needs of the developing countries and to the aspirations of the present age. It should be changed so that it may be in keeping with today's economic and political realities. The system, which collapsed in August 1971 when the United States ceased to exchange the dollar tor gold, has played a negative role instead of being effective in international economic co-operation and, more particularly, in the development programmes in the developing countries. Depending on a single currency, the system is an anachronism in an age of equality and mutual respect. It is not only politically but also economically unacceptable. All attempts at reform have failed for the simple reason that reform has taken place through an institution still dominated by certain developed countries. We do not expect any serious attempts to be made within the framework of such an institution. Reforms are still being considered without the developing countries, which are still passive onlookers, unable to play any role. Reforming the international economic order should be considered within the framework of global negotiations, in a forum where representation is universal, where all voices may be heard and all points of view taken into account.