UN General Assembly
1983

14. It has been stated that in order to revitalize growth there must be no increase in oil prices or interest rates. The former condition has been achieved at a cost to the oil-exporting countries, which are suffering today from serious economic problems. With regard to the latter condition, the situation is uncertain and one wonders whether high interest rates have not been mot e to blame for today's crisis. It is true that nominal interest rates have fallen, but real interest rates remain high because of the high margins charged by creditor banks and because of a drop in inflation in the industrialized countries.