A/RES/57/241 including the mobilization of domestic resources, international flows, trade, official development assistance and external debt relief, Expressing its concern about the fact that developing countries have made net outward transfers of financial resources over the last five years, and underlining the need for measures at the national and international levels to reverse this trend, while taking note of efforts to this end that have been made thus far, Taking note of the report of the Secretary-General, 4 1. Expresses its concern about the difficulties of the present world economic situation, stresses the importance of confronting it through strong cooperative efforts by all countries and institutions, and underlines the importance of continued efforts to improve global economic governance and strengthen the United Nations leadership role in promoting development; 2. Stresses the importance of strong domestic institutions to promote business activities and financial stability for the achievement of growth and development, inter alia, through sound macroeconomic policies and policies aimed at strengthening the regulatory systems of the corporate, financial and banking sectors; 3. Stresses also the special importance of creating an enabling international economic environment through strong cooperative efforts by all countries and institutions to promote equitable economic development in a world economy that benefits all people, and in this context invites developed countries, in particular major industrialized countries, which have significant weight in influencing world economic growth, when formulating their macroeconomic policies, to take into account their effects in terms of an external economic environment favourable to growth and development; 4. Underlines the importance of promoting financial stability, and reiterates that measures to mitigate the impact of excessive volatility of short-term capital flows and to improve transparency of and information about financial flows are important and must be considered; 5. Notes that important international efforts are under way to reform the international financial architecture, emphasizes that those efforts need to be sustained with greater transparency and with the effective participation of developing countries and countries with economies in transition, and that one major objective of the reform is to enhance financing for development and poverty eradication, and underscores furthermore the commitment, set forth in paragraph 53 of the Monterrey Consensus, 2 to sound domestic financial sectors, which make a vital contribution to national development efforts, as an important component of an international financial architecture that is supportive of development; Takes note of the communiqué of the joint International Monetary 6. Fund/World Bank Development Committee of 28 September 2002, in particular its paragraph 10, on the need to identify pragmatic and innovative ways to enhance further the participation of developing countries and countries with economies in transition in international decision-making and norm-setting, and encourages all relevant international financial institutions to take concrete measures to this end; _______________ 4 2 A/57/151.