A/RES/51/166 Page 2 2. Stresses that global financial integration presents new challenges and opportunities for the international community and that it should constitute a very important element of the dialogue between the United Nations system and the Bretton Woods institutions; 3. Notes that the globalization of financial markets can generate new risks of instability, including interest rate and exchange rate fluctuations and volatile short-term capital flows, which require all countries to pursue sound economic policies and to recognize the external economic impact of their domestic policies; 4. Stresses that sound domestic macroeconomic policies of each country in regard to promoting macroeconomic stability and growth are primary elements for determining private capital flows, and that the coordination of macroeconomic policies, where appropriate, and a favourable international economic environment play an important role in reinforcing their effectiveness; 5. Also stresses that implementation of sound domestic monetary, fiscal and structural policies over the medium term, including ensuring sound banking systems, is required to promote financial and exchange rate stability; 6. Further stresses that Governments and international financial institutions have a contribution to make to reducing the risks of volatility of short-term capital flows and to promoting stability in domestic financial markets, within their respective competences; 7. Recognizes the progress made in improving risk management and transparency in international financial markets, such as the International Monetary Fund's improved surveillance capacities, standards for the provision of economic and financial information to markets and the creation of an emergency financing mechanism; 8. Also recognizes the progress made in establishing the new arrangements to borrow, which would effectively double the resources currently available to the International Monetary Fund under the General Arrangements to Borrow and improve the Fund's ability to assist members in circumstances that could have systemic implications; 9. Recalls that, in the context of global financial integration, further efforts have to be made, at both the national and international levels, to strengthen international economic cooperation; 10. Recognizes that a number of developing countries have been able to take advantage of the globalization of finance, and notes the need for the expansion of private capital flows and for broader access by all developing countries to those flows, and therefore the need for the international community to assist low-income countries, especially those in Africa, in their efforts to create the enabling environment necessary to attract such flows; 11. Notes that a number of developing countries, among them most of the least developed countries, especially those of Africa, have not benefited from the globalization of finance and continue to be in great need of official development assistance; /...