9.9 Our suggestion would be that informal consultations should be started to reach agreement on the following points:
1. The international community should work towards an international conference on the world's financial and trading system.
2. The preparatory process could be established through initiatives taken on an informal basis or alternatively by the Secretary-General of the United Nations on a multilaterally agreed basis.
3. The task of preparation could be entrusted in the first instance to a group of not more than, say, twenty governmental Ministerial rank), broadly Ministers (or persons of Ministerial representative of the financial and trading interests of the international community, plus: the UN Director-General for International Economic Co-operation; the Managing Director of the IMF; the President of the World Bank; the Director-General of GATT; and the Secretary-General of UNCTAD.
4. The Committee might establish a Group of Deputies to carry
out detailed work on their behalf and at their direction. 5. The Preparatory Group could be serviced by a small secretariat, perhaps headed by an independent professional chairman, assisted as required. Staff support could be mainly drawn from the UN, the IMF, the World Bank, the GATT and the UNCTAD, on the basis of agreement among themselves.
6. The Preparatory Group would have no executive authority. It
could work strictly on the basis of consensus.
7. During the preparatory phase there should be no let-up in the individual continuing process of change within the international institutions. As consultations proceed, agreements may emerge in forms which permit early action through existing mechanisms; and such agreements should be actively encouraged.
8. The Preparatory Group should be required to make a report on the modalities and substantive issues for the conference to the UN Secretary-General not later than 12 months after it has been constituted.
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