Summary: EU Presidency Statement - Explanation of Position: International Financial Systems and Development (15 December 2005: New York)
EU Presidency Explanation of Position on International Financial Systems and Development, by the UK Mission to the UN, on behalf of the European Union, at the UN General Assembly 60th Session, Second Committee, New York
The European Union joined consensus in the adoption of the draft resolution A/C2/60/L.67, "International Financial Systems and Development". We reached a valuable agreement, based on the following assumptions:
- in OP4, regarding the reference to "net outflows of financial resources from developing countries", the European Union holds the firm view that in a greater number of cases these outward investments from developing countries are an indication of their integration into the world economy, and that those transfers overwhelmingly result from positive developments in their trade balances, thus allowing for debt repayment and the purchase of foreign assets. The European Union notes that these
positive effects have been highlighted in previous resolutions, and requests the Secretary General to take them into account in future reporting, to be done in collaboration with the relevant international institutions.
- in OP10, regarding "risk-rating mechanisms", the European Union believe that it is important to increase transparency and competition in the private rating-market, and for capital markets to have widely accepted and comparable yardsticks in making investment decisions. The European Union accepted the para 25d of the WSO, now reflected in op10. It is in this context that relevant development institutions should be encouraged to continue their work on this issue.
Thank you."
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