A/RES/70/188 International financial system and development 11. Recognizes the role of private capital flows in mobilizing financing for development, stresses the challenges posed by excessive volatility of short -term capital flows to many developing countries, notes that the design and implementation of capital flow management measures to address those challenges, such as macroeconomic policies, macroprudential measures and various forms of capital account management, need to take into account the specific circumstances of individual countries, while also remaining fully cognizant of the potential risks involved in capital flow management; 12. Notes that regulatory gaps and misaligned incentives continue to pose risks to financial stability, including risks of spillover effects of financial crises to developing countries, which suggests a need to pursue further reforms of the international financial and monetary system and continued strengthening of international coordination and policy coherence to enhance global financial and macroeconomic stability, emphasizes the need to work to prevent and reduce the risk and impact of financial crises, acknowledging that national policy decisions can have systemic and far-ranging effects well beyond national borders, including on developing countries, highlights the importance of pursuing sound macroeconomic policies that contribute to global stability, equitable and sustainable growth and sustainable development, while strengthening financial systems and economic institutions, and notes that, when dealing with risks from large and volatile capital flows, necessary macroeconomic policy adjustment could be supported by macroprudential and, as appropriate, capital flow management measures; 13. Recognizes the need for the international financial institutions to promote, within their respective mandates, including by providing the right incentives for medium-term and long-term investment and the sharing of best practices, the mobilization of capital flows in order to better channel national and international investment for sustainable development based on its three dimensions; 14. Emphasizes the relevance of inclusion in the international financial system at all levels and the importance of considering fina ncial inclusion as a policy objective in financial regulation, in accordance with national priorities and legislation; 15. Recommits to the broadening and strengthening of the voice and participation of developing countries in international economic decis ion-making and norm-setting and in global economic governance, recognizes the importance of overcoming obstacles to planned resource increases and governance reforms at the International Monetary Fund, notes that the implementation of the 2010 reforms of the Fund remains the highest priority, strongly urges the earliest ratification of those reforms, and reiterates its commitment to further governance reform at both the Fund and the World Bank to adapt to changes in the global economy; 16. Acknowledges the importance of the international financial institutions supporting, in line with their mandates, the policy space of each country, in particular developing countries, and recommits to the broadening and strengthening of the voice and participation of developing countries, including African countries, least developed countries, landlocked developing countries, small island developing States and middle-income countries, in international economic decision -making, norm-setting and global economic governance; 17. Notes the 2015 Shareholding Review of the World Bank, including the agreed principles that guide shareholding reviews and the road map for its implementation, and looks forward to the implementation of the road map, including the agreement on a dynamic formula; 6/10