The Monterrey Consensus

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The UN International Conference on Financing for Development marked an important milestone for the partnership on global development. Held March 18-22, 2002, in Monterrey,Mexico, the conference brought together more than 50 heads of state, 300 ministers, and representatives of international organizations, civil society, and businesses to agree on a common vision of what is required to overcome world poverty.

The conference was widely seen as a success, and the participants adopted the Monterrey Consensus, a plan for sustainable development that defines development priorities and how to achieve them. Although broad development objectives-such as halving poverty by 2015 and achieving universal primary education-had been defined at the Millennium summit, a UN-sponsored conference held two years ago, the Monterrey Consensus focuses on how best to finance the measures taken toward these goals.

The consensus calls for a partnership between developing and developed countries, based on a mutually accountable commitment to promoting growth and reducing poverty.

The developing countries must take the initiative to improve governance, pursue appropriate policies, strengthen domestic financial systems, invest in economic and social infrastructure, and provide a transparent, stable environment for potential investors. The developed countries, for their part,must match these efforts by boosting aid; reducing barriers to free trade; pursuing debt-relief measures, such as the...