system requires an element of responsibility on the part of the key currency countries. The Committee, therefore, supported moves towards greater co-ordination -11- of their macro-economic policies, as long as this is aimed at maintaining high levels of growth a.nd employment. Such action is capable of benefiting the world economy as a whole. The world-wide implications of those countries' economic policies, however, necessitate that such co-ordination should also be a matter for discussions at international bodies. The growing tendency for decisions on these and other matters of world-wide significance to be taken solely on the basis of consultations among a few major powers must be resisted. Efforts towards policy co-ordination should be undertaken under the aegis and with the active involvement of the IMF. More effective IMF surveillance of industrial countries' policies has long been an important aspiration in the international community. The limited effectiveness of previous consultation and surveillance procedures within the IMF, OECD and other bodies suggests that such new IMF arrangements will have to be considerably more forceful in the future. 56. The current system for the privatized provision of international liquidity has proved unstable. Efforts in the direction of managing and improving the supply of liquidity at the global level must be undertaken within the framework of the mandate of IMF. In the meantime, the manner in which the Fund has played its role as a source of liquidity should continue to be reviewed. Friction between the Fund and its members occurs, as experience has shown, quite frequently. The appropriate balance between the provision of balance-of-payments finance and domestic adjustment varies with individual circumstances. The aim of the provision of liquidity and of any policy conditions must be to pace and structure adjustments so as to minimize the cost in terms of growth, employment and poverty. Developing countries have only limited influence over the general policies of the 
**Analysis**
The text appears to be discussing the global economy, international financial institutions, and the relationships between developed and developing countries. It touches on issues such as macroeconomic policies, coordination, and the provision of international liquidity, which suggests that it is primarily focused on economic development and international trade.

**Category**
Economic development, International trade