UN General Assembly
2004

poor must be narrowed. Otherwise, many developing countries will continue in a downward spiral of declining income and increased poverty, with painful consequences such as political and social instability and recurring humanitarian crises. While there is no substitute for self-reliance, on the basis of the principle of shared responsibility, there is a role for all participants within the global economic system. That is why international cooperation for development should be given a central place in our deliberations. There is a need to create institutional capacity in the United Nations for the direction and coordination of policies affecting finance, trade and technology and for formulating the overall policies guiding international economic cooperation. Such a mechanism could forge effective linkages with the Bretton Woods institutions in order to manage and promote coherence in international economic programmes and policies. It should effectively respond to economic crises as they arise and apply remedies for imbalances and disequilibrium in the global economy. Some tentative steps have been taken in that direction in the wake of the Monterrey Conference, but