text: difficulties, namely, the Great Depression in the early 1930s am post-Secorrl World War reconstruction. Confronted with such crises, qreat men responded with vision and vigour to these two historic challenges. Two brilliant economic innovations rescued vast regions from poverty and destruction: the New Deal, created by President Franklin Roosevelt, and the Marshall Plan. We need not qo into the details of how and why they succeeded. What we need is the launching of a third brilliant innovation in this century by international leaders with vision and based on a ooncerted international effort. There are some currently ongoing efforts, but they appear peacemeal and unconcerted. For instance, the Brady Plan deals with debt. The Uruquay Round deals with problems of world trade. There is a need for an integrated aPProach that can deal with all the present qlobal economic Problems. 'te call it a "New Global Covenant", which should aim, first, at reviving the world economy for the benefit of both developed and developinq countries, secondlv, at promotinq world peace and stability through prosperity and co-operation; and, thirdly, at integrating the world into a trulv global economy involving all regions and preventing the marginalization of the third world. A "New Global Covenant" must necessarily involve undertakings by both sides. Thus, the developed countries should commit themselves to provide market access, to provide debt relief, to increase official development assistance and to provide transfers of technology. For their part, developing countries should undertake the necessary structural reforms, provide the requisite political stability and necessary infrastructure for investments and overcome the crisis of governance where that is an issue. IM/17 A/S-18/PV. 8 77 (Mrs. Chan, Singapore) To elaborate further on our suggestion, first, we think that sone form of debt relief must be an integral part of the •New Covenant•. We welcome the evolution of 
analysis: The text discusses the need for a "New Global Covenant" to address the current global economic problems, which is closely related to economic development, international trade, and employment. The author highlights the importance of debt relief, market access, and official development assistance to revive the world economy and promote world peace and stability.