A/RES/51/203 Page 3 and fair elections throughout all of Bosnia and Herzegovina at the municipal/local level, Noting the positive impact of the two previous pledging conferences, held respectively on 21 December 1995 and 13 and 14 April 1996 and chaired by the World Bank and the European Union on the peace process and reintegration of the country as well as the reconstruction effort, stressing the importance and urgency of providing the pledged financial assistance and technical cooperation in reconstruction efforts and the role of economic revitalization in the process of reconciliation, in the improvement of living conditions and in the maintenance of a durable peace in Bosnia and Herzegovina and in the region, and encouraging an early convening of the next pledging conference, Welcoming in particular the important efforts of the European Union, bilateral and other donors to provide humanitarian and economic assistance for reconstruction, Underlining that the full, comprehensive and consistent implementation of the Peace Agreement is vital for the maintenance of international peace and security, 1. Expresses its full support for the General Framework Agreement for Peace in Bosnia and Herzegovina and the annexes thereto (collectively the "Peace Agreement"),1 which constitutes the key mechanism for the achievement of a durable and just peace in Bosnia and Herzegovina, leading to stability and cooperation in the region and the reintegration of Bosnia and Herzegovina at all levels; 2. Welcomes the successful implementation of certain aspects of the Peace Agreement, including the establishment of a lasting cessation of hostilities, the establishment of the military zones of separation, national elections held on 14 September 1996, and the formation and functioning of certain common institutions of Bosnia and Herzegovina; 3. Underlines the responsibility of the parties to cooperate fully and in good faith in the prompt formation and functioning of all the new common institutions of Bosnia and Herzegovina and in establishing the necessary conditions for holding democratic, free and fair democratic local elections in accordance with the relevant provisions of the Peace Agreement; 4. Demands the full, comprehensive and consistent implementation of the General Framework Agreement for Peace in Bosnia and Herzegovina; 5. Welcomes the conclusions of the meeting of the ministerial Steering Board and the Presidency of Bosnia and Herzegovina,3 held in Paris on 14 November 1996, in order to define the guiding principles of the civilian consolidation plan of the peace process in Bosnia and Herzegovina in accordance with the Peace Agreement; 3 Official Records of the Security Council, Fifty-first Year, Supplement for October, November and December 1996, document S/1996/968. /...