WO&LD MONETARY REFORM : SOME NEEDED JNITIATIVES 9 because of domestic budgetary consideration for even the most well meaning political leadership at the national level. Concluding Remarks In conclusion, it must be said that I regard it extremelyi mportant that attention is paid first and foremost to laying downa democratic institutional framework within which generation of international liquidity takes place under multilateral auspices. The Fund's decision making is, at present, dominated by a few rich and powerful countries. This framework will simply not do. Also, one cannot close one's eyes to the problems of transition from the present situation in which the overwhelming bulk of international liquidity is generated under national and private auspices to a multilateral system of liquidity generation. But these problems difficult though they are, should not be difficult to surmount once international opinion accepts the need for a rapid multilateralisation of liquidity generation. The developing countries, I believe, have a great stake in this shift to multilateralisation of liquidity generation because I have no doubt that any need-based criteria of issuing and allocating multilaterally generated liquidity is bound to give due weight to the developing country needs. 1. See Fritz Machiup, The Cloakroom Rule of International Reserve Creation and Resource Transfer, R.N. Cooper (Editor), International Finance, Penguin Modern Classics, 1969. 2. See North-South: A Programme for Survival, The Report of the Independent Commission on International Development Issues Pan, Books, 1980, pp. 210-2.