Resolution calling for urgent reform of international financial institutions

Meeting of the Socialist International Committee for Latin America and the Caribbean, Caracas, Venezuela, 25-26 September 1998

Original: Spanish

The Socialist International Committee for Latin America and the Caribbean, SICLAC, meeting in Caracas on 25-26 September 1998:

1. Acknowledges that globalisation is a real and irreversible process which has positive potential which we should take advantage of, but it also produces harmful and unregulated effects which should be resisted.

2. Reaffirms the urgent need to review the functioning of the international financial system as well as that of the Bretton Woods institutions in order to solve international liquidity problems, the balance of payments deficits, the external debt, the stability in currency exchanges and the financing of sustainable development which will generate more employment.

3. Therefore emphasises the need for the establishment of authentic international organisations which will regulate and monitor the financial markets.

4. Welcomes the first Summit of Heads of State and Government of Latin America and the Caribbean and the European Union, which will meet in Rio de Janeiro on 28-29 June 1999. It asks the representatives of the participating countries to adopt and co-ordinate measures designed to provide economic stability to both blocks, as well as the implementation of a new transatlantic relationship between Latin America, the European Union and the United States of America.

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