hopesthattheseoperations willmakeitpossible toundertake thenecessary st.ructural reforms forreviving' theeconomies oftherecipient countries. Furthermore, weverymuchhopethatthecurrent replenishment oftheresources of theInternational FundforAgricultural Development willcontinue. Theproblemoftheindebtedness ofmanydeveloping countriesalsocontinues to beamatterofseriousconcern tous.Theburdenofdebt-servicing oftenhas attained overwhelming proportions andjeopardizes theprospects fordevelopment as wellasthepolitical andsocialstability ofthecountries concerned. This situation continues topose ~serious threattothewholeinternational monetary andfinancial system. Significant progress has,however, beenmadeinthisfield,andastarthas beenmadeinsolving themosturgentproblems, thankstoanimprovement inthe worldeconomic situation andtotheremarkable a"dcourageous effo:!ts ofadjustment undertaken bythedebtorcountriesandtheflexibility andrapidity ofthe interventions oftheInternational Monetary Fund,theworldBank,thecreditors' clubsandthebanking system. Nevertheless, theunderlying problems remain, andwe mustallmakethenecessary efforts toavoidaserious financial crisis.NR/gmr A/40/pV.6 103 (Mr.Foes,Luxerrbourg) TheEuropean Community believes thatdifferential treatment ofdiffering situations ofindebtedness withintheexisting institutional framework isasuseful asever.However, wealsofeelitisnecessary, inthesearchforlasting solutions, toconsider theproblemofindebtedness fromastandpoint thatgoes beyondtheshorttermandtoexamine thematterinallitsaspects: thelowering ofworldinterest rates,anadequate transfer ofresources, theconsolidation of theworldeconomic recovery andsustained growthininternational tradeareall factors whichcouldservetoeasetheconstraint~ onthedebtordeveloping countries. "Itisequallyessential forthesecountries topursuepolicies that wouldmakepossible thelong-telm structural adjustment oftheireconomies. Ihavealready several timesstressed theimportance thattheEuropean Commuruity attaches tothegrowthofinternational tradeasacontribution toworld economic recovery andthegivingofnewmomentum totheprocessofdevelopment. A multilateral systemofopentradeisessential forgeneral prosperity. Therefore itisthebusiness ofallofus.Itisimportant forallofustocontinue the implementation oftheworkprogramme oftheGeneral Agreement onTariffs andTrade (GATT) and~ohonourtheinternational commitments ~ndertaken inthestruggle against protectionism. TheEuropean Community supports thelaunching assoonas possible of~anewseriesofmultilateral tradenegotiations withintheframework of GATTwhichwoulddealwithabalanced arrayofsubjects andallowtheinterests of allthecoun'fries concerned, developed ordeveloping, tobemet. However~ tradenegotiations alonewillnotsolvealltheproblems. Wefeel thatsolutions totheproblemofimbalance deriving frommonetary andfinancial fieldscannotbefoundintradenegotiationf.. uetermined andconcerted actionis necessary toimprove thefUnctioning oftheinternational monetary system. Wealso needan}ncrease intheflowofresources tothedeveloping countries. Results inNa/gmr---------.-~~~~~~~----~-~~---.-~ A/40/PV,.6 104 (Mr.Peas,Luxemourg) themcmetar:'y andfin.ancial fieldsshould be.soughthandinhan.dwithresultsintIle tradefield.. Inthisregardwenotewithsatisfaction thepositive approach demonstrated bytheparticipants intheBonnsummitmeeting, bothwithregardto improvement ofthefunctioning oftheinternational monetary systemandwithregard tothenecessity foranadequate .transfer ofresources especially forthebenefit ofthepoorest countries. Wehopethattheforthcoming discussions withinthe International Monetary Fundinparticular willmakeitpossible toe~~arkon fruitful dialogue. Iturnnowtomorespecific problems oftheleastdeveloped countries. Inthe nextfewdaystherewillbeheldinGeneva amid-term reviewoftheimplementation oftheNewSubstantial Programme ofActionfortheleastdeveloped countries adoptedattheParisConference inSeptember 1981. Wehopethatthisimportant meeting willundertake anobjective stock-taking oftheimplementation ofthatnew pr~gramme ofaction andwillcometoagreement onmeasures toimprove implemen tation. TheEuropean Community anditsmemberStateshavemadedefinite efforts with regardtotheimplementation oftheNewSubstantial Progra1llIllS ofAction. Iwould recallinparticular whatIhavealready saidonthestruggle against hunger afflicting someoftheAfricanleastdeveloped countries. withregardtoofficial development assistance, Inotethatsomeofushavegreatly exceeded thetargetof
**Analysis**
The text appears to be a statement by the European Community on the current state of the international economy, focusing on issues such as debt, trade, and development. It highlights the need for structural reforms, debt relief, and increased resources for developing countries. The text also touches on the importance of international trade, the implementation of the General Agreement on Tariffs and Trade (GATT), and the need for a multilateral system of open trade.

**Category**
Economic development, International trade