Managing economic interdependence

A global forum is required, such as an Economic Security Council, that provide leadership in economic, social and environmental fields. This should be more representative than the Group of Seven or the Bretton Woods institutions, and more effective than the present United Nations system. It should meet at a high political level with deliberative functions only. Its influence would derive from the relevance and quality of its work and the significance of its membership. It should be established as a distinct body within the UN system, structured like the Security Council, though not identical in membership and independent of it. Its tasks would include: continuously assessing the overall state of the world economy and the interaction between major policy areas; providing a long-term strategic policy framework in order to promote stable, balanced, and sustainable development; securing consistency between the policy goals of the major international organizations, especially the Bretton Woods bodies and the World Trade Organization; giving political leadership and promoting consensus on international economic issues.