UN General Assembly
1972

65. The monetary crisis which broke out in August 1971 and its consequences have revealed clearly the need for a revision of the international monetary system. Developing countries, which are in no way responsible for that crisis resulting from an imbalance between developed countries, are obliged to be the sufferers today of the principal adverse effects of the uncertainties born of the collapse of the Bretton Woods system and the subsequent monetary readjustments. 66. A solution of the monetary crisis must not impose any additional burden on the developing countries, which have unreservedly co-operate in the efforts undertaken to maintain the stability of the international monetary system. Quite the contrary; special corrective measures should be taken to compensate them for their losses.