A/RES/55/186 and regretting the continued marginalization of the least developed countries from private capital flows, Emphasizing the importance of long-term investment flows, in particular foreign direct investment, in complementing the development efforts of all developing countries as well as economies in transition and the need for all countries to develop stable access to private capital and for regional and international cooperation to promote the mobilization of new and additional capital for development, Concerned about the excessive volatility of speculative short-term capital flows and the contagion effects in financial markets in times of crisis, Deeply concerned by the low levels of official development assistance, Stressing the need for increased access to markets, in particular for goods and services that are of export interest to developing countries, inter alia, through multilateral trade negotiations, Emphasizing the importance of finding a durable solution for those developing countries that have difficulties in meeting their external debt and debt-servicing obligations, Encouraging the efforts to enhance the stabilizing role of regional and subregional financial institutions and arrangements in supporting the management of monetary and financial issues, Underlining the urgent need to continue to work on a wide range of reforms for a strengthened and more stable international financial system with a view to enabling it to deal more effectively and in a timely manner with the new challenges of development in the context of global financial integration, Stressing that the process of reform for a strengthened and stable international financial architecture should be based on broad participation in a genuine multilateral approach, involving all members of the international community, to ensure that the diverse needs and interests of all countries are adequately represented, Reaffirming that the United Nations, in fulfilling its role in the promotion of development, in particular of developing countries, plays an important part in the international efforts to build up the necessary international consensus for the reforms needed for a strengthened and stable international financial system, taking into account the mandate of all relevant international institutions, especially the international financial institutions, Noting that the high-level international intergovernmental event on financing for development will provide a unique opportunity to consider, in an integrated manner, all sources of financing for development, and mindful that in the United Nations Millennium Declaration the heads of State and Government decided to make every effort to ensure its success, 1. Takes note with appreciation of the report of the Secretary-General entitled “Towards a stable international financial system, responsive to the challenges of development, especially in the developing countries”, 2 the addendum thereto on regional perspectives and developments provided by the regional 2 2 A/55/187.