A/RES/54/197 Page 3 Recognizing that the recent financial crises have exposed weaknesses in the international financial system, and 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, Emphasizing that the United Nations, in fulfilling its role in the promotion of development, in particular of developing countries, plays an important role in the international efforts to build up the necessary international consensus on the continuation of a wide range of reforms needed for a strengthened and more stable international financial system that is responsive to the challenges of development, especially in the developing countries, and to the promotion of economic and social equity in the global economy, 1. Takes note with appreciation of the report of the Secretary-General, 1 and the note by the United Nations Conference on Trade and Development 2 on the financial crisis and its impact on growth and development, especially in the developing countries, the report of the Task Force of the Executive Committee on Economic and Social Affairs of the United Nations Secretariat entitled “Towards a new international financial architecture”, 3 the World Economic and Social Survey, 1999 4 and the Trade and Development Report, 1999;5 2. Emphasizes the need to renew national, regional and international efforts to promote international financial stability and, to this end, to improve early warning, prevention and response capabilities for dealing with the emergence and spread of financial crises in a timely manner, taking a comprehensive and long-term perspective while remaining responsive to the challenges of development and the protection of the most vulnerable countries and social groups; 3. Stresses the importance of having an enabling international environment through strong cooperative efforts by all countries and institutions to promote global economic development, and to this end calls upon all countries, in particular major industrialized countries, which have significant weight in influencing world economic growth, to adopt and pursue coordinated policies conducive to world economic growth and international financial stability and the promotion of an external economic environment favourable to a widespread economic recovery, including the full recovery of crisis-affected countries; 4. Recognizes the importance of international financial stability, and in this context invites developed countries, in particular major industrialized countries, when formulating their macroeconomic policies, to take into account the priorities of growth and development, in particular of developing countries; 5. Stresses the importance at the national level of strong domestic institutions to promote the achievement of growth and development, inter alia, through sound macroeconomic policies and policies 1 A/54/471. 2 A/54/512/Add.1. 3 See www.un.org/esa/coordination/ecesa/eces99-1.htm. 4 United Nations publication, Sales No. E.99.II.C.1. 5 United Nations publication, Sales No. E.99.II.D.1. /...