9. The Committee emphasized the adverse consequences for the world economy of volatile exchange rates and prolonged currency misalignments. An orderly monetary system requires responsibility on the part of the key currency countries. It therefore supported moves towards greater co-ordination of macro-economic policies. Those moves should be undertaken under the rubric and with the active involvement of the International Monetary Fund (IMF) whose consultation and surveillance procedures should be considerably strengthened. 10. The current system for the privatised provision of liquidity has proved unstable. At the international level means will have to be found for managing and improving the supply of liquidity in the global interest. Efforts in that direction could follow from a revision and expansion of the activities of IMF. The aim of the provision of liquidity and the policy conditions attached should be to pace and structure adjustment so as to minimize the cost in terms of growth, employment and poverty. * * * 11. It is far from certain that the debt crisis has been contained. Severe adjustment in many developing countries has produced substantial trade surpluses. The political viability of such a situation cannot be taken for granted. A broader sharing of the adjustment burden is required if the risks of unplanned and mutually damaging outcomes of current problems are not to grow with time. 12. The Committee recommended the establishment of a consultative process among debtors and creditors within the context of broader efforts to construct a more orderly long-term basis for the provision of liquidity and development finance. Multi-year rescheduling, which has been adopted for a few countries, must be greatly broadened and should include debt from official sources. Such relief measures must be co-ordinated with other policies such as aid and other financial flows. 13. Recent experience and medium-term projections of marked reductions of capital 
**Analysis**
The text discusses the global economy, highlighting issues such as volatile exchange rates, currency misalignments, debt crisis, and the need for coordination among key currency countries, debtors, and creditors. It also touches on the provision of liquidity and development finance. The focus is on the macroeconomic policies and international cooperation to address these issues.

**Category**
International trade, Economic development