Secondly, there is a need to increase substantially the resources of the multilateral financial agencies so that they can begin to play a role not too dissimilar from that played by their national counterparts. The lending capacity of the World Bank, the regional development banks, the International Fund for Agricultural Development (IFAD) and IMF (preferably by the issue of special drawing rights) should be raised so that they can contribute in a significant way to the implementation of the next international development strategy.
Thirdly, a mechanism should be found that will make it possible in a highly interdependent world to introduce international accountability for national economic policies. National policies have international as well as national consequences. In effect national actions have widespread externalities, both positive and negative, and the time has arrived to recognize this explicitly by developing appropriate international institutions. One of the tasks of a new institution would be to establish a system for monitoring trade policies with a view to early detection of unfavourable consequences on trading partners.