A
UNITED
NATIONS
General Assembly
Distr.
GENERAL
A/RES/51/166
21 February 1997
Fifty-first session
Agenda item 94 (b)
RESOLUTION ADOPTED BY THE GENERAL ASSEMBLY
[on the report of the Second Committee (A/51/602)]
51/166.
Global financial integration and
strengthening collaboration between the
United Nations and the Bretton Woods
institutions
The General Assembly,
Reaffirming its resolution 50/91 of 20 December 1995, entitled "Global
financial integration: challenges and opportunities", and Economic and Social
Council resolution 1996/43 of 26 July 1996 on strengthening collaboration
between the United Nations development system and the Bretton Woods
institutions,
Expressing concern that a number of developing countries have become
more vulnerable, in the course of liberalizing their external economic and
financial regimes, to the volatile fluctuations of private capital flows in
international financial markets, and stressing the importance at the national
level in the countries concerned of a favourable climate for private financial
flows, sound macroeconomic policies and appropriate functioning of markets,
Welcoming the initiative the Bretton Woods institutions have taken to
address the question of the volatility of capital flows,
Recalling its resolution 50/227 of 24 May 1996, annex I, section VIII,
on the relationship between the United Nations and the international finance
and trade institutions, as well as other relevant resolutions,
1.
Recognizes that technological advances have reduced the costs and
increased the speed of international financial transactions and that, as
policy liberalization has facilitated international capital flows, financial
institutions have increasingly added foreign assets to their portfolios,
paving the way towards the phenomenon of global financial integration;
97-76843
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