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TOWARDS A NEW BRETTON WOODS: Challenges for the World Financial and Trading System
ANNEX II
Chapter 9
Next Steps
9.1
This chapter suggests procedures for implementing the measures that we recommend for improvement of the international financial and trading system. Many of these recommendations require immediate attention and can be acted upon quickly within existing institutional arrangements. Others will take a little longer to accomplish, and may be thought of as relating to the near-future say, the next two years or so. Still others relate to longer-term objectives and require considerably greater preparation. The long-term recommendations, and to some degree those for the near-future as well, require the mounting of a major process of reform.
9.2 What is required is appropriate machinery for developing a convergence of views as to what needs to be done and securing the necessary action. The situation is not helped by the compartmentalised nature of the negotiating process in the IMF and the World Bank, in the GATT and at UNCTAD, and within the wider UN framework. Recent efforts at securing a comprehensive negotiating framework have not succeeded so far. Yet there remains the need for an integrated approach to negotiations.
9.3 Any approach to such negotiations must be rooted in realism. Negotiations exclusively under à UN General Assembly umbrella are not likely either to be acceptable to the industrialised countries or, if acquiesced in under pressure, to win their enthusiastic and constructive participation. This may be regrettable, but it is a reality. Likewise, negotiations strictly under the umbrella of the Fund and the Bank are not likely to be acceptable to the developing countries as a group. In any case, the suggested negotiations necessarily link trading and financial issues and require a broader framework than the Fund and the
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