of relations amonq industrialized countries, but between North and South at the broadest level and in all possible spheres. The co-operation and the co-ordination of economic policies currently pUrsued by the industrialized countries cb not take duly into account the pressing problems of the third world. JB/20 A/S-18/PV. 4 93-95 (Mr• Salah, Jordan) Macro-economic policies, which maintain stability in the industrialized nations, may have profoundly adverse effects on stability and growth in the developing world. We also believe that the current international economic situation, characterized by a high rate of growth in the economies of the industrialized nations in parallel with economic stagnation and decline in the per capita income of many developing nations, is an unstable one. No regional group, including the industrialized nations, will be immune from the severe changes affecting all the other countries throughout the world. That inconsistency does not help to establish stability in the world economy. We in Jordan therefore believe that, in order to ensure development within the framework of international economic co-operation, a new mechanism should be set up. Periodic rounds of consultations among the leaders of the industrialized countries and those of the developing nations, preferably on a periodic basis and under the auspices of the United Nations if possible, could provide a suitable mechanism in that regard. Such an arrangement would ensure constant examination, in co-ordination with the industrialized countries, of the concerns and interests of the majority of mankind. It is to be hoped that it will lead to a form of international co-operation that focusses on growth and development for the South as well as for the North. With regard to the debt crisis facing the develoPing countries and threatening the economic and social structure of those nations, we believe that the international community must as soon as possible adopt action-oriented policies to 
**Analysis**
The text discusses the economic relationships between industrialized and developing countries, highlighting the disparities in economic policies and growth rates. It proposes a new mechanism for international economic cooperation to ensure development and stability in the world economy. The text also mentions the debt crisis facing developing countries, emphasizing the need for action-oriented policies to address the issue.

**Category**
Economic development, International trade