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Delivering the Monterrey Consensus

image of Delivering the Monterrey Consensus

This publication follows up the Monterrey Conference on Financing for Development, which mobilised commitment on the part of key donors and developing countries to advance the development agenda. The Monterrey Consensus requires effective followup on the part of donors, developing countries and international financial institutions. This publication is based on the Special Theme of the Commonwealth Finance Ministers’ Meeting “Delivering the Millennium Development Goals” held in London, September 2002. Professor Sen raises some “uncomfortable issues” regarding the soundness of the Monterrey consensus and the need for more inclusive and “interactive encounters” on the basic approach chosen. Ministers are warned that delivering the consensus “will demand from them more than simple midwifery”. Includes the report of Civil Society Consultations as an appendix.

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The Role of Markets in a Multi-institutional Framework

Some of the differences in outlook between the Monterrey Consensus and its critics lie, as was seen earlier, in the substantial divergence between their respective readings of how markets work and what they achieve. The Monterrey Consensus cannot be faulted for not being enthusiastic about the positive role that the market mechanism can play in removing deprivations in the world. In contrast, many of the critics see the Monterrey document as being far too pro-market, ignoring the ‘downside’ of market relations.

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