Today we take up the first of those four areas, macroeconomic issues. It has been clear from the beginning of the General Debate that globalization would be the centerpoint of our discussions in Second Committee this fall.
Globalization is a fact of life.
It is here to stay. On balance, globalization and the extraordinary growth of private financial flows are positive forces that can accelerate improvements in standards of living. For proof of this, you need only look at the tremendous gains in the qlobal economy in the past fifty years, precisely as a result of globalization and more open markets. I believe it is safe to say that the dynamic economies of East Asia would not want to turn back to where they were two or three decades ago. Official development assistance remains of vital importance to developing countries but we cannot expect it to keep pace with the growth in private capital flows.