is the only way of demonstrating, by deeds and not words, that we are aware of the great risks confronting us in this last decade of the century and of the disastrous consequences of any other policy designed to muddle through on the same lines as before. JP/jl A/S -18/PV. 3 37 (Mr. De Michelis, Italy) The transfer of 1 per cent of the national product of the TWelve should initially be effected from direct and indirect public funds, whether in the form of allocations for development assistance, contributions to multilateral agencies or other mechanisms to guarantee loans and private investments. These resources should mainly be funnelled through existing or newly created multilateral channels, such as the European Bank for Reconstruction and Development, or channels such as the one under consideration for the Mediterranean. A multilateral instrument will be in a better position to ensure that financing is compatible with the growth strategy, financial plans and the absorptive and repayment capacity of each country. Such a measure will also make it possible to avoid the waste and inefficiency inherent in past methods, which served only to aggravate the debt crisis. It will permit a distribution of resources not subject to commercial conditions. Success will depend primarily on the initiative of the countries receiving ouside support. It will take both imagination and realism to accomplish the task. They will have to create the political, legal and economic structures necessary to translate international co~peration into real development geared to human needs. The first of these requirements, as I have already mentioned, is democracy and respect for fundamental human rights. Democracy may sometimes seem to be the result of modernity and not the means of achieving it. But attempts to change economic and social structures by dismantling democratic institutions have served only to reinforce injustice, oppression and inequality. The new balances we are 
**Analysis**
The text discusses the transfer of resources from public funds to support the development of European countries, particularly in the Mediterranean region. It emphasizes the importance of multilateral channels and democratic institutions in achieving this goal. The text also touches on the need to avoid inefficiencies and ensure compatibility with growth strategies and financial plans.

**Category**
Economic development, International trade