text: this connection, both the report of the Group of Ten and tha! of the Group of ltrenty-four called allention to the Articles of Agreemen! of the IMF, which call on members co collaborate lrith the Fund and with other members in pursuil of the objective of ,,better international surveiltance of international liquidity" (art. vIII, sect. 7).A/40 /7 0A Eng li sh Page 12 3. Su rvei I lance 42. tr"oday ' the success of economic poricy in one country depends a great deal onthe economic poricies of other counlries, and the harmonization of economicpolicies has become an essential part of international economic co-operation. rtis a difficult and dericate cask which takes alifferent forms, depending on thecLoseness and the nature of the association between the countri.es concerned.rnternational scrutiny and discussion of national policies is an important part ofthe work of such bodies as OECD, GATT, the European Economic Community, theAssociation of south-East Asian r.lations and the council for Mutual Economrc Assi, sta nce. 43- rn the second Amendment to the Articles of Agreement of the rMF, t hich becameeffective in 19?8, articre rv included the obligation of members to direct theireconomic policies towards fostering orderry economic arowch with reasonable pri,cestablLity, and it int.roduced, in seclion 3, the principle of Fund surveirrance overthe exchange rate @Iicies of members. 44. Recent misalignments of exchange rales have directed new attention tolrards theneed to make national economlc policies consistent fith the objectives oflnternaeional adjustment, and Che reports of the croup of Ten and the croup oflt enty-four reflect wide agreement that surveillance should be made more effective.
analysis: The text discusses the importance of international cooperation in economic policy-making, specifically highlighting the role of international organizations such as the IMF and the OECD in promoting harmonization and surveillance of economic policies. The text also mentions the need for national economic policies to be consistent with the objectives of international adjustment, which suggests that the topic is closely related to international trade and economic development.