A/RES/53/172 Page 4 9. Recognizes the need to improve the capacities and modalities of the international financial institutions with regard to the prevention, management and resolution in a timely and effective manner of international financial crises; 10. Stresses the importance of strengthened collaboration between the World Bank and the International Monetary Fund in specific areas where collaboration is needed, such as the financial sector, while recognizing the specific mandates of the two institutions, and also stresses the need for the institutions dealing with financial crises to keep in mind the overall objective of facilitating long-term development; 11. Stresses the need to endow the International Monetary Fund with adequate resources to provide emergency financing to countries affected by financial crises as a result, among others, of the high volatility of international capital flows, and in this context also stresses the importance of sound macroeconomic policies and policies aimed at strengthening the institutional capacities and regulatory frameworks; 12. Also stresses the need to strengthen international and national financial systems through a more effective national, regional and international surveillance of both the public and private sectors, based upon the improvement of the availability and transparency of information, as well as the strengthening of the role of the International Monetary Fund in this regard, and the collaboration of the World Bank with technical assistance and capacity-building in this matter; 13. Invites the International Monetary Fund and relevant international regulatory bodies to consider as quickly as possible additional regulatory and disclosure measures to ensure greater transparency of financial market participants, including international institutional investors, particularly of highly leveraged operations; 14. Encourages the Interim Committee of the Board of Governors of the International Monetary Fund and other relevant forums to expedite the work relative to the greater involvement of the private sector in preventing and resolving financial crises; 15. Emphasizes that the opening of the capital account must be carried out in an orderly, gradual and well-sequenced manner, keeping its pace in line with the strengthening of the ability of countries to sustain its consequences, underscores the crucial importance in this regard of solid domestic financial systems and of an effective prudential framework, and invites the International Monetary Fund, the World Bank and relevant international regulatory bodies to contribute to this process; 16. Calls upon the international community to pursue national and international efforts, at the intergovernmental and inter-agency levels, to contribute to minimizing the excessive volatility of global financial flows and to distribute in a more equitable manner the costs of systemic adjustments between the public and private sectors; 17. Invites the International Monetary Fund to facilitate the dialogue among relevant actors to consider the possibility of establishing regulatory frameworks for short-term capital flows and trade in currencies; /...