UN General Assembly
1982

which had not yet become independent. It is no wonder, therefore, that the developing countries continue to demand, albeit unsuccessfully, that the international monetary institutions be democratized and redesigned with a view to promoting the economic and social progress of developing countries in the interests of both North and South. Indeed, in a number of positive ways, the International Meeting on Co-operation and Development, held at Cancun in 1981 could not have been more timely. The developing countries, and the Independent Commission on International Development Issues, under the chairmanship of Willy Brandt, which proposed it, had hoped that agreement would be reached at the Cancun meeting on the launching of the global round, thereby breaking the North-South stalemate and demonstrating the international community's commitment to the resolution of the multifarious problems impeding the economic development of developing countries. Regrettably, the disappointing conclusions of the Cancun meeting dealt another shattering blow to the aspirations of developing countries, as some developed countries represented at the meeting were simply unprepared to endorse the proposals which constitute the central theme of the global