UN General Assembly
1998

opportunities and cushion the risks. The impact of the crises in Russia and Asia shows that the world economy needs a reliable framework. That is not to say we need a global financial authority or fixed exchange rates, least of all a new wave of protectionism. But we do need better early-warning mechanisms, more transparency and more efficient banking systems, especially in the newly emerging economies. This is not a task for Governments alone. What is needed now is a global public-private partnership between Governments, international financial organizations and corporations. We therefore support the American initiative for a dialogue between the G-8 and the newly emerging economies on a new international financial architecture. The International Monetary Fund (IMF) and the World Bank should not always have to serve as the stopgap when the opportunity for structural reforms has been missed. Managing globalization also means weaving a network of partnerships between the big regional groupings and the big countries. The regional groupings are the components of a new global order under the roof of the United Nations.