Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-08-Speech-3-204"
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"en.20050608.17.3-204"2
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"Mr President, ladies and gentlemen, our resolution echoes the United Nations’ Millennium objectives. The United States and the European Union are jointly committed to implementing this vital programme to reduce world poverty.
The US and the European Union co-manage the Bretton Woods institutions. This shared responsibility is based, in particular, on that tradition, that tacit agreement which allocates management responsibility for the International Monetary Fund and the World Bank to Europe and the US respectively.
We should not forget that the IMF was created to preserve the stability of the international monetary system. It has a very different role today. All developing countries are effectively dependent on the IMF, on its loans and its benevolence, for the finance needed for their sustainable development. We cannot ignore the outcome of this policy. Apart from the fact that the IMF has partly failed in its role of monitoring global economic stability by failing to anticipate – or indeed by actually provoking – a number of regional and international financial crises, we need to assess with the US the negative impact of the conditions, based on the Washington consensus, which the IMF imposes on countries requesting its assistance.
Finally, in the area of global reform of the multilateral system, the agenda for the transatlantic discussions should also include the return of the Bretton Woods institutions into the United Nations system."@en1
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