Bank provide. What is needed is a process which does not pre-determine issues, either expressly or by reasonable implication; which is integrated without being all-encompassing; which is credible in representation without being unwieldy; and which is action-oriented while not geared to any single institution.
9.4 Proposals for an international monetary conference - or a 'new Bretton Woods' - must be viewed against this backdrop. Earlier in this Report it was explained that the expression a 'new Bretton Woods' should be seen as no more than shorthand for a negotiating process which re-examines the world's financial and trading arrangements, as settled at Bretton Woods and Havana, in the light of their present working and of contemporary needs. We have not interpreted a 'new Bretton Woods' to imply a dismantling of the existing international economic institutions.
9.5 On that basis, the international community should now think in terms of a conference; but it is important to stress that it is a conference that will need the most careful preparation both as to substance and modalities. It should be seen as the culmination of a process rather than its initiation. Indeed, the process of preparation itself should be capable measures on which the of identifying particular matters and international community might take immediate action even in advance of the conference itself.
9.6 It is not necessary at this stage to define precisely the specific issues that the conference will address or to outline the order in which it might take them up. Although, as has been emphasised, money, finance and trade are inter-related, and an integrated approach towards them will ultimately be necessary, it may be appropriate for the conference to discuss these issues separately, beginning with money and finance, for example. These modalities will be among the matters for the preparatory phase to resolve.
9.7 The process of preparation should be undertaken on a small-group basis and must be supported by a high level of professional competence. It should, of course, draw on the work and discussions of the various international economic institutions.
9.8 There are obviously many approaches to such an international conference. We put forward a possible approach fully mindful that it is not the only one. Nor are all the individual components critical. What is critical is that there should be a systematic approach along these general lines. We believe that it provides a promising means of attaining goals. discussed in the introductory chapter to our Report, which the whole international community shares.
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