text: important elements in its agenda. The Committee endorsed as well the recommendation that a permanent ministerial-level body be created in the GATT. Above all, it strongly endorsed its call for recognition of the link of those trade issues to the effective resolution of current and prospective global macro-economic and financial problems. 53. For a new GATT Round to be successful, it is necessary that developing countries participate more actively than in the past. For that to occur they must have assurances that the unfinished business of earlier agreements will first be carried forward and that the agenda of a new round will take adequate account of their concerns. Clearly, traditional approaches, concepts and positions on all sides require revision if the trading system is to meet the needs of the times. The logical link between trade and monetary/financial issues demands that an effort be undertaken to restore the health of the international monetary and financial system in parallel with any GATT Round. (b) Instability and uncertainty in the international monetary and financial system 54. The international monetary and financial system is now profoundly different from that envisaged by the architects of the original Bretton Woods Agreement. The re-emergence of large-scale private international financial flows in response to payments liberalization and the growth of the Eurocurrency markets have essentially privatised international monetary arrangements. International liquidity is now acquired largely by borrowing in the market, and key currency exchange rates are determined primarily in short-term financial markets rather than by trade conditions and official intervention. 55. The volatility of exchange rates in this system has generated uncertainty and disruption, particularly for the poorest countries which have been least able to protect themselves against it. Prolonged exchange rate misalignments have also impeded the orderly adjustment of international imbalances. An orderly monetary 
analysis: The text appears to be discussing the global economy, international trade, and the need for cooperation and reform in these areas. It touches on the impact of economic instability and financial problems on developing countries and the need for a more equitable and sustainable trading system.