SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
A. THE SPIRIT OF MONTERREY
 A.1 International Conference on FfD: Unique among UN
conferences
 A Multi-stake holders (beyond UN) approach
 A Comprehensive View of all mechanisms for the provision of financial
resources for development
 Holistic consideration of the national, int’l, and systemic challenges of
FfD
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
 A.2 The Monterrey Consensus broad systemic approach
 Improve global economic governance
 Strengthen UN leadership role in promoting development
 A.3 General considerations on systemic issues
 The International Financial System
 The International Monetary System
 The International Trade System
……in support of development
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
B. THE SYSTEMIC AGENDA

B. 1 Enhancing voice & participation of developing
countries in int’l economic decision-making
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Governance of the World Bank and the IMF
Governance of WTO and multilateral trade negotiations (beyond
the “Quad Group”)
Financial Stability Forum
Financial standard-setting bodies and institutions
Governance of the Aid Effectiveness agenda
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
 B.2 Specific actions to improve the development
perspective in the financial, monetary, and trading
system
 Reform of the International Financial Architecture
 Design of measures aiming at better managing external shocks
and preventing financial crisis
 Strong coordination of macroeconomic policies among main
industrial countries to reduce exchange rate volatility
 IMF should have a suitable array of financial facilities and
resources to support the development efforts of developing
countries
 Consideration of an international debt workout mechanism
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
Strengthening international tax cooperation
 The ECOSOC is considering converting the Ad-Hoc Group of Experts on
International Tax Cooperation in Tax Matters into an intergovernmental
subsidiary body
Exploring new innovative sources of FfD
 Including the proposal of using special drawing rights allocation for
development purposes
 Leading Group on Solidarity Levies to Fund Development is considering
many different initiatives:
 fighting tax evasion and stemming illicit financial flows
 taxing currency transaction
 implementing a digital solidarity contribution, etc.
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
C. FOLLOW-UP MECHANISM
Monterrey Consensus:
 Systemic approach to FfD is guided by a global and holistic vision
 Follow-up mechanism for MC to strengthen effectiveness of the
global economic system’s support for development
 Experience of the follow-up process to Monterrey (2002-07)
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
D. Toward an integrated follow-up mechanism for the
commitments of the Monterrey Consensus on FfD

Collaboration by all stakeholders in its implementation

Governments and int’l institutions dealing with trade, finance, and
development assistance, with participation of civil society and private
sector

Participation aimed to ensure an integrated approach to all
development financing issues

Attainment of goals proved elusive, prompting the need for
considering new mechanisms post-Doha
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
Proposal for a post-Doha follow-up mechanism:
Creation of an integrated multi-stakeholder Forum, Council, or a
Committee on FfD

Composition
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Representatives of governmental organs of the UN (GA and ECOSOC), IMF,
World Bank, and WTO
Representatives from specialized agencies, i.e. ILO, UN Funds and Programmes
Civil Society and the private sector
Objective: to change the nature of the existing “dialogues” of the UN and the
Bretton Woods Institutions and WTO for an integrated review of the chapters of
the Monterrey Consensus
SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS
A. THE SPIRIT OF MONTERREY
 A.1 International Conference on FfD: Unique among UN
conferences
 A Multi-stake holders (beyond UN) approach
 A Comprehensive View of all mechanisms for the provision of financial
resources for development
 Holistic consideration of the national, int’l, and systemic challenges of
FfD