A/RES/70/188 International financial system and development institutions, including the Bretton Woods institutions, and to enhance diversity of staff; 23. Emphasizes the need for more effective government involvement in order to ensure an appropriate regulation of the market which promotes the public interest, and recognizes in this regard the need to better regulate financial markets to promote economic stability and sustained, equitable and inclusive economic growth; 24. Also emphasizes that the 2008 world financial and economic crisis underscored the need for sound regulation of financial markets to strengthen financial and economic stability, as well as the imperative of a g lobal financial safety net, welcomes the important steps taken since the International Conference on Financing for Development, held in Monterrey, Mexico, in 2002, particularly following the crisis in 2008, to build resilience, reduce vulnerability to inte rnational financial disruption and reduce spillover effects of global financial crises, including to developing countries, in a reform agenda whose completion remains a high priority, and notes that the membership of the International Monetary Fund bolstered the Fund’s lending capacity, that multilateral and national development banks played important countercyclical roles during the crisis and that the world’s principal financial centres worked together to reduce systemic risks and financial volatility through stronger national financial regulation, including Basel III and the broader financial reform agenda; 25. Takes note of the work by the Financial Stability Board on financial market reform, commits to sustaining or strengthening frameworks for macroprudential regulation and countercyclical buffers, reiterates the need to hasten the completion of the reform agenda on financial market regulation, including assessing and if necessary reducing the systemic risks associated with shadow banking, markets for derivatives, securities lending and repurchase agreements, and recommits to addressing the risk created by “too-big-to-fail” financial institutions and to addressing cross-border elements in effective resolution of troubled, systemically important financial institutions; 26. Reiterates the need to resolve to reduce mechanistic reliance on credit rating agency assessments, including in regulations, while promoting competition as well as measures to avoid conflict of interest in the provision of credit ratings, so as to improve the quality of ratings, acknowledges the efforts of the Financial Stability Board and others in this area, supports the building of greater transparency requirements for evaluation standards of credit-rating agencies, and requests that ongoing work on these issues be continued, including at the United Nations; 27. Recognizes the role of special drawing rights as an international reserve asset, acknowledges that special drawing rights allocations helped to supplement international reserves in response to the world financial and economic crisis, thus contributing to the stability of the international financial system and global economic resilience, and also recognizes the need to continue regular reviews of the role of special drawing rights, including with reference to their potential role in the international reserve system; 28. Reiterates that effective, inclusive multilateral surveillance should be at the centre of crisis prevention efforts, stresses the need to continue to strengthen surveillance of the financial policies of countries, and in this regard takes note of the new surveillance approach of the International Monetary Fund to better integrate bilateral and multilateral surveillance, along with cross-border and cross-sectoral linkages with macroeconomic and macroprudential policies, while paying closer 8/10