text: effectively be employed in support of such sound national policies. Finally, the experience of the decade, as of its predecessors, once again underlines the need for flexibility in development thinking. Development is a continuous process, taking place in a changing environment and forever facing new challenges requiring new solutions. For the developed and developing countries A/S-18/PV.2 9 (Mr. Collins, Ireland) alike it is then imperative to ensure that outnoded approaches are discarded in tackling ever changing circumstances. It is therefore required of all participants in the development process to adopt flexible and pragmatic approaches. For its part, the European Community and its member States are determined to keep an open mind in the search for solutions appropriate to different countries and regions. Nevertheless, at this moment, certain key factors appear central to successful development. Furthermore, certain specific areas of activity seem appropriate for joint efforts by developed and developing countries while other areas are primarily the responsibility of individual developed or developing countries. Briefly, I should like to outline what seems to us to be an appropriate division of tasks so that the existing opportunities can be utilized. In this way, we can advance work to ensure the revitalization of economic growth and development of the developing countries. It is the primary responsibility of the developed countries to bring about an international economic environment which facilitates sustained non-inflationary growth. To this end, efforts need to be strengthened to pursue neces~ary structural adjustments and to improve fiscal and monetary policies, thereby contributing to a reduction in interest rates. It is also necessary to reduce existing imbalances and protectionist pressures. For their part, the European Community and its member States will work to reinforce their own mechanisms of economic co-ordination and convergence within the European Monetary System (EMS). We believe that the EMS reinforces the international monetary system through 
analysis: The text appears to be discussing the development of developing countries, with a focus on economic growth, structural adjustments, and international cooperation. It mentions the need for flexibility, pragmatic approaches, and joint efforts between developed and developing countries. The text also touches on the importance of creating an international economic environment that facilitates sustained non-inflationary growth.