assumption is that at a time of financial stringency, it is possible to economize on one's multilateral commitments. The difficulty, of course, is that what seems a less important obligation to one country may well be highly important to another. It is risky to assume that one can dismantle the obligations that one considers less important without imperiling others to which one attaches high importance. 26. As multilateral co-operation runs into difficulties and as major countries take a narrow view of national interest and the exercise of power and influence, a tempting response is to abandon the multilateral effort and rely purely on unilateral, bilateral, regional or bloc arrangements. Such measures should not be seen as alternatives to multilateral action. The infinite variety and complexity -5- of the international economic system has much room for sub-groups to find their own forms of co-operation, whatever transpires at the level of global arrangements. The universal multilateral system of the United Nations and its specialized agencies, including IMF and the World Bank, is best seen as providing an overarching framework within which other more narrowly (geographically or functionally) defined systems operate. Bilateral and bloc economic arrangements need not be inconsistent with overall rules and frameworks, nor should they be seen as substitutes for them. 27. Our primary focus upon multilateral economic co-operation should not be taken as lack of concern for the appropriateness of national policies, whether in developing countries or in the industrialized world. On the contrary, the longstanding commitment of the Committee to the pursuit of national policies in support of stable, efficient and non-inflationary growth and development is reaffirmed. In many developing countries there can be little prospect of future development even with the most supportive of international environments, unless there is major domestic policy reform. 
**Analysis**
The text discusses the importance of multilateral economic cooperation in times of financial stringency, and the potential risks of abandoning such cooperation for bilateral or regional arrangements. It also emphasizes the need for national policies to support economic growth and development, particularly in developing countries. This suggests that the text is primarily concerned with economic issues, but also touches on the importance of international cooperation and national policy-making.

**Category**
International trade, Economic development