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Economic Sanctions - January 20, 1989-December 31, 1989 [1]
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470766554
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title
Economic Sanctions - January 20, 1989-December 31, 1989 [1]
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CF00194-017
collections
Records of the National Security Council (George H. W. Bush Administration)
Latin American Affairs Directorate Subject Files
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1989
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1989
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Originally Processed With FOIA(s):
FOIA Number:
2015-0017-S
2015-0017-S
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the George Bush Presidential
Library Staff.
Record Group/Collection: George H.W. Bush Presidential Records
Collection/Office of Origin: National Security Council
Series:
Latin American Affairs Directorate Files
Subseries:
Subject Files 1989
OA/ID Number:
CF00194
Folder ID Number:
CF00194-017
Folder Title:
Economic Sanctions - January 20, 1989-December 31, 1989 [1]
Stack:
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Section:
Shelf:
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V
8
5
7
5
Withdrawal/Redaction Sheet
(George Bush Library)
Doc. No. / Type
Subject/Title
Date
Restriction
Classification
01. Memorandum
To: Philip Hughes From: Deane Hoffmann
6/23/89
(b)(1)
S
Re: Summary of International Economic Policy Review
Breakfast (1 pp.)
Page 1 of 1
Collection:
Record Group:
Bush Presidential Records
Office:
National Security Council
Series:
Latin American Affairs Directorate Files
Subseries:
Subject File 1989
WHORM Cat.:
File Location:
Economic Sanctions - January 20, 1989-December 31, 1989 [1]
Pinksheet Number:
MB8151
OA/ID Number:
CF00194-017
Date Closed:
12/4/2014
FOIA/Sys Case #:
2015-0017-S
Re-review Case #:
P-2/P-5 Review Case #:
UNCLASSIFIED
RECORD ID: 8910033
NSC/S PROFILE
RECEIVED: 13 DEC 89 17
TO: SCOWCROFT
7 Ecnd
FROM: PACELLI
DOC DATE: 18 DEC 89
PRYCE
SOURCE REF:
KEYWORDS: LATIN AMERICA
ECONOMICS
ANSA
PERSONS: SCHAEFER, PETER
SUBJECT: FAIRBANKS REQUEST FOR MTG
ACTION: SCOWCROFT DISAPPROVED RECOM
DUE DATE: 16 DEC 89
STATUS: C
STAFF OFFICER: PACELLI
LOGREF:
FILES: WH
NSCP:
CODES:
DOCUMENT DISTRIBUTION
FOR ACTION
FOR CONCURRENCE
FOR INFO
PACELLI
PRYCE
COMMENTS:
DISPATCHED BY
DATE
BY HAND W/ATTCH
OPENED BY: NSJWD
CLOSED BY: NSJRP
DOC 2 OF 2
UNCLASSIFIED
10033
NATIONAL SECURITY COUNCIL
WASHINGTON. D.C. 20506
December 18, 1989
Nati Sec Advisor
has seen
ACTION
MEMORANDUM FOR BRENT SCOWCROFT
)
no
fr
THROUGH:
WILLIAM T. PRYCE
I will him 15 min see AP
FROM:
DAVID A. PACELLI DAF
SUBJECT:
Richard Fairbanks' Request for a Meeting with You
Richard Fairbanks has requested that you meet with him and Peter
Schaefer, a consultant to the AID Administrator, to discuss ways
to unleash the forces of capitalism in Latin America (Tab II).
We recommend that you refer him to Tim Deal/Eric Melby and Bill
Pryce, and have prepared a reply for your signature to that
effect.
Concurrence by: Tim Deal
RECOMMENDATION
That you sign the reply to Fairbanks at Tab I.
Attachment
Tab I
Scowcroft Reply to Fairbanks
Tab II
Fairbanks Letter to Scowcroft
10033
1050 CONNECTICUT AVENUE, N.W.
TWELFTH FLOOR
state
WASHINGTON, D. C. 20036
TELEPHONE (202) 223-9000
December 8, 1989
PERSONAL
Honorable Brent Scowcroft
The National Security Adviser
The White House
Washington, DC 20500
Dear Brent:
Attached is a letter to the editor from the local
newspaper from a friend of mine named Peter Schaefer. It
refers to Hernando De Soto, the Latin American author of
"The Other Path," of which I hope you have heard. Schaefer
is presently a Counselor to the Administrator at AID. I
would appreciate it very much if you could find 15 minutes
to talk to Peter and me about how we might more effectively
unleash the forces of true capitalism and the market system
in that region.
I look forward to seeing you at your convenience.
With my thanks and kind regards,
Cordially,
Did
Richard Fairbanks
Attachment
Washington Times
WEDNESDAY, DECEMBER 6, 1989 / PAGE F5
ited
proving journalism, 66 years to
sponsor such a survey.
Capitalism untried in Latin America
LOREN GHIGLIONE
ves similar
Editor, The News
of subsidies who run Latin Amer-
J
eremiah O'Leary's Nov. 8 col-
explained,
Southbridge, Mass.
umn, "Bolivar could have
ica. Once elected, officials learn that
SS tends to
President,
written the script," asks why
the institutions they have inherited
le, and for
American Society of Newspaper Editors.
Latin American history seems
lack the means of allowing the elec-
e men and
Note: In response to Mr. Ghiglione's
to be a pendulum swinging between
torate to participate in decisions. So
:0 hand-in-
letter, the Los Angeles Times Syn-
the extremes of oppressive military
the voice of the people is mute ex-
leve non-
hinority."
dicate retransmitted the original col-
dictatorships and the anarchy that
cept on election day or when they
umn so readers could have the lan-
inevitably attends the interjunta pe-
are cheering the new junta.
riods of civilian rule.
irvey of gay
guage of both before them. The
True democracies succeed be-
nay benefit
paragraph in Mr. Thomas' column
A good question that he answers
himself, at least in part, when he
cause there is constant two-way traf-
:s who are a
referring to "bomb-throwers in Bei-
fic in opinions, desires and ideas.
notes that the poor can ascend the
Kinsey In-
rut and self-flagellating crazies in
But in Latin America this traffic is
es that 10
Iran" reads as follows:
ladder of success only by gaining
only one-way; rulers thus are de-
"importance and power in the armed
e gay or les-
"Churchgoers are tired of seeing
prived of feedback on their perform-
then one in
people who take their faith seriously
forces." There isn't, as he notes, a
ance. Not surprisingly, their rule be-
secure middle class to buffer the ex-
ell as one in
labeled as 'fundamentalists' by re-
comes increasingly more detached
porters, who also use the term to de-
cesses of the rich, ruling elites. With
scribe bomb-throwers in Beirut and
no safety valve for poverty, anarchy
from the daily life of the people. Cap-
tured by an essentially selfish
and decay are inevitable.
hard to see"
self-flagellating crazies in Iran. Will
oligarchy and labor union elites, a
journalism.
an ASNE survey be conducted to
But in noting only that there is a
breakdown ensues.
tand why it
document the sensibilities of such
"lopsided distribution of wealth," we
Mr. De Soto has used a study of the
about im-
persons?"
beg the question. Why do demo-
underground or what he calls "infor-
cratic political systems based on
mal" economy to chart this failure of
mixed economies fail when they pe-
the Peruvian system. The popularity
riodically have their turn at govern-
of his book throughout Latin Amer-
ADERS'
ing? Why are they simply unable to
ica, and now Africa, suggests the rel-
create stable systems that can resist
evance of his insights well beyond
military adventures or stave off the
Peru.
sort of anarchy that invites military
intervention? If democracy and cap-
As the developed countries pro-
italism are so good, why have they
mote a process of reform, we are
RUM
failed so miserably in Latin Amer-
obliged to see our efforts in a new
ica?
light. The chaos we see reflects the
Hernando De Soto, author of "The
bankruptcy of the present economic
Other Path" (Harper & Row, 1989),
system and the present generation
clearly documents a startlingly sim-
of leaders who often understand
ple answer: Capitalism has not failed
their task as only making the pre-
in Latin America, it has never really
sent system work better. Before the
y childhood
that our future, our children, are at
been tried. Moreover, elections
West sinks billions into fine-tuning
1 within our
stake?
there are only a means by which dic-
workable systems, we must recog-
self-worth,
I have heard children cry because
tators are chosen. This is a harsh
nize that success within the current
skills neces-
of scraped knees and squabbles. But
indictment. But as one reconsiders
economic structures is impossible
it potential.
the wailing of those young children
post-World War II Latin-American
and we must recognize that our ef-
reflects the true tragedy of drugs,
history in light of Mr. De Soto's re-
fort must foster the transition from
on final ac-
which shakes the foundation of our
search in Peru, the chaos of this his-
one system to an altogether new one.
Care Act and
society and should, in turn, move us
tory makes more sense.
veto it.
to action. Their cries are the cries of
Essentially, the economies of
PETER SCHAEFER
nd South Af-
fear and shattered dreams.
Latin America are classic Iberian
Washington
ial countries
BOBBI BLOK
mercantilist, not capitalist. It is the
ational child
Executive Director,
economic oligarchs - those who
(Editor's Note: Peter Schaefer is a
h longer will
Washington Child Development Council
seek, and pay for, such privilege as
consultant on international business
'als to realize
Washington
monopolies, tariffs, and a vast array
and on foreign aid.]
opriate. If a
account that the term "light truck"
sented evidence demonstrating that
light-duty trucks as passenger vehi-
S custom-
also includes vocational, work-
the accident or injury rate for these
cles. Now, however, when NHTSA is
ecific work-
related vehicles such as dump
vehicles warrants the extension of
beginning to address that issue, they
iket applica-
trucks, utility trucks, ambulances,
automobile safety standards that in-
fail to address the circumstances of
ards is not
tow trucks or refrigerated delivery
volve crash testing.
commercial light trucks that are
trucks that are not used for personal
Recently, the NHTSA failed to
produced in two or more stages by
ansportation. These vehi-
reasonably apply two safety stan-
two or more manufacturers, even
to light-duty trucks. These two
though NHTSA recognized more
than 10 vears ago that multi-stage-
THE WHITE HOUSE
WASHINGTON
Dear Dick:
Thanks very much for your recent note
concerning finding ways to stimulate the
market system in Latin America. My staff
is on the lookout for new ideas on that
subject. I suggest you contact Tim Deal,
my Senior Director for International
Economic Affairs and Bill Pryce, the
Senior Director for Latin American
Affairs.
It was good to hear from you, and I'll be
looking forward to their report on your
meeting.
Sincerely,
Brent Scowcroft
Mr. Richard Fairbanks
1050 Connecticut Avenue, N.W.
Twelfth Floor
Washington, D.C. 20036
File
Economics
President Bush
Current
Policy
Freedom and World
No. 1210
Prosperity
United States Department of State
Bureau of Public Affairs
Washington, D.C.
Following is an address by President Bush
and political freedom are essential and in-
economy. I have said many times-and I
at the World Bank/International Monetary
separable companions on the road to na-
want to repeat it here today-that I want to
Fund (IMF) annual meeting, Washington,
tional prosperity.
see perestroika succeed. A more open and
D.C., September 27, 1989.
The jury is no longer out. Look at the
humane Soviet Union can only be in the
two economic systems and see which has
best interest of the West. And as we see
We in the United States are keenly aware
prospered and which has struggled. Let's
the evidence of that reform, we can match
of these annual gatherings, the impor-
put an end to this economic experiment, be-
it with steps of our own.
tance of them-which drive the work of
cause history has decided.
The rediscovery of these basic truths
all of us in maintaining a strong interna-
It is not climate, natural resources, or
in the East has been matched by a recom-
tional economic and financial system.
cultural traditions that make the difference.
mitment to them in the West. Today, the
This is my first opportunity to speak
I said it in my own inaugural address: "We
members of the European Community are
to you as President of the United States.
know what works. Freedom works.
We
dedicated to eliminating internal barriers to
But I've followed the activities of the
know how to secure a more just and prosper-
economic activity by the end of 1992. Eu-
International Monetary Fund and the
ous life for man on earth-through free mar-
rope's leaders assure me that this will not
World Bank throughout my years of pub-
kets, free speech, free elections, and the ex-
be at the cost of new external barriers to
lic service. I have visited many of your
ercise of free will unhampered by the state."
trade with the European Community.
homelands and seen firsthand the prob-
In Latin America, Africa, and Mexico,
The Peruvian economist, Hernando de
lems created by inadequate growth and
courageous leaders are turning away from
Soto, has helped us understand a world-
development, problems that your two dis-
state control of their economies. Economic
wide economic phenomenon. By walking
tinguished institutions are working hard
restructuring and deregulation are opening
the streets of Lima, not analyzing official
to solve.
the door to private initiative. Already they're
statistics, he found that the poor of Latin
We've witnessed a dramatic shift over
seeing results.
America-who have never read Jefferson
the past few years in the debate over how
Even more stunning is the transforma-
or Adam Smith-ran their affairs demo-
to achieve sustained growth and develop-
tion in thinking in the communist coun-
cratically, outside the formal economy, or-
ment. All across the world, there's been
tries-in both the Soviet Union and in East-
ganizing their private, parallel economy in
an almost simultaneous rediscovery of
ern Europe. During my recent travels in Po-
a free and unregulated manner. De Soto's
the power created when individuals are
land and Hungary, I was impressed by the
great contribution has been to point out
given the freedom to act in their own best
people; but also impressed by the almost
what, in retrospect, may seem obvious:
interests.
universal acceptance of the free market as
People everywhere want the same things.
the best hope-indeed, the only hope-for
When left alone by government, people
Economic and Political Freedoms:
reversing the economic fortunes of these
everywhere organize their lives in re-
Inseparable Companions
two proud countries.
markably similar ways.
We will welcome the efforts of the Soviet
De Soto's prescription offers a clear
True, we're here today mainly to discuss
Union to liberalize and decentralize their
and promising alternative to economic
economic freedom. But make no mis-
stagnation in Latin America and other parts
take; in the end, both economic freedom
of the world. Governments must bring the
"informal" workers into the regular econ-
This agreement underscores the bene-
Addressing the Challenges
omy and then get out of the way and let in-
fits other debtor countries stand to realize
of the 1980s
dividual enterprise flourish.
from this approach. Mexico's savings from
this package will free resources for produc-
Development and Environmental
tive use in the economy, leading to in-
Efforts. Also, to address the significant
Coordinating Economic Policies
creased investment, leading to improved
problems of the poorest countries, the In-
We each must do our part. Yes, the indus-
growth. What Mexico has done is not a
ternational Development Association, IDA,
trial countries have a special responsibility.
miracle. It's a product of hard work and
was established and will continue to have
We must coordinate economic policies to
sustained commitment.
the support of the United States.
help provide sustained growth with low in-
The strengthened debt strategy is flex-
We have also learned, as I emphasized
flation, reduced trade imbalances, and
ible enough to address the unique needs of
Monday at the United Nations and last
greater stability in exchange markets. We
each country. But the strategy will not
summer at the Paris summit, that environ-
in the United States are working especially
work without sound economic policies in
mental destruction knows no borders. To
hard to reduce our own Federal budget
the debtor countries. Inefficient, unrealis-
make growth truly sustainable, we must
deficit and to increase our national savings
tic, growth-stifling policies simply must go.
weigh environmental considerations more
rate.
Benefits are available to a broad range of
heavily as we make economic decisions.
All our nations have a responsibility to
other countries that pursue economic re-
We must also find ways to strengthen our
ensure a fair and open trading system. We
forms. Several are now actively engaged, I
environmental and development efforts,
have a tremendous opportunity to advance
am told, with the IMF and World Bank and
through innovative thinking such as the
that cause now, by making success of this
with the banking community itself.
"debt for nature transactions."
all-important Uruguay Round of trade ne-
Commercial banks have a special role
Over the years-as we've come to
gotiations. Making the political commit-
in making this process work. And they
understand the effect of environmental de-
ments necessary to ensure a success-
must follow through on efforts made with
struction on the long-term growth of devel-
look, they will not be easy, but we must
Mexico and the Philippines and broaden
oping countries-the World Bank has in-
strengthen the GATT [General Agreement
their efforts with other countries. We en-
creased the priority it assigns to environ-
on Tariffs and Trade] and allow our
courage these steps not as self-sacrifice but
mental concerns. We applaud those ef-
markets to open in a mutual, step-by-step
self-interest. True, success not only will
forts. But there is more to be done. We
fashion.
help the debtor nations, but it will also
need to work more cooperatively to de-
As we seek to extend and expand
strengthen the banks by putting their own
velop constructive solutions to global
growth in the world economy, the debt
portfolios on a sounder basis. One of the
warming, including measures to promote
problems faced by developing countries
lessons of the 1980s, especially the debt
energy efficiency and conservation and
are central to the agendas of the IMF and
crisis, is that we're all in this together.
greater protection of forest resources.
the World Bank. Over the past year, the
When we cooperate, we all come out
international community's strengthened
winners.
Drug Trafficking and Money Laun-
approach to these problems has provided
The IMF and the World Bank are at
dering. In addressing the challenges of
-truly provided-a new hope for the
the crossroads of our cooperative efforts.
the 1980s, we have come to a deeper
debtor nations. America's Secretary of the
The IMF must continue to foster the sound
understanding of the importance of cooper-
Treasury, Nick Brady, has helped direct
economic policies necessary for sustained
ating as a community of nations to address
the focus on debt reduction as a comple-
growth. As part of that responsibility, the
common problems. I can think of no better
ment to continued new lending-bringing
Fund has assumed an important and very
current example than the need to work to-
developing nations and commercial banks
welcome role in the strengthened debt
gether to deal with international drug traf-
back to where they belong: back to the
strategy.
ficking and money laundering. It is a
negotiating table.
The United States recognizes that the
worldwide problem. Drug money under-
Quick action by both the IMF and the
IMF must have adequate resources to ful-
mines honest businesses, corrupts political
World Bank has given this new strategy vi-
fill its critical role. We will continue to
institutions, and even threatens the secu-
tal support. By making clear the terms un-
work with other members, in the hope of
rity of nations. To conceal their obscene
der which they will support the reduction
reaching a decision on the quota question
profits, drug barons must wash their
of debt burdens-and by working with
by the end of the year. The United States
money by cycling it through financial insti-
countries to develop the necessary eco-
has always supported the IMF, and we will
tutions and illegitimate shell corporations.
nomic reform programs-these institutions
continue to do so.
The United States renews its call upon
have made it possible to reduce debt bur-
We will all look to the World Bank to
all countries to ratify the UN Vienna con-
dens and provide a solid foundation for
help build the foundation for a future
vention and make money laundering a
growth.
global prosperity that reaches all peoples.
criminal and extraditable offense. We need
Thanks to these initiatives, Mexico
Its efforts to promote structural reform and
tough measures to crack down and track
reached an agreement with its creditor
development are absolutely crucial to re-
down and confiscate the profits of drug-
solving debt problems. The Bank's deci-
related crimes. I am encouraged by the
banks enabling Mexico to make enormous
G-7 democracies interested in this coordi-
progress in reducing its debt burden. It
sions to take on new responsibilities on the
also helped restore-almost instantly-
debt front are very welcome.
nated response to the money laundering
confidence in the Mexican economy. It's
menace. But I urge everyone to join with
already resulted in a return of capital and
us to explore new ways to stop money laun-
new foreign investment.
dering in its tracks.
2
Poland. There may be no greater op-
I call on the IMF and the World Bank
This is a lesson that we must carry with
portunity before us-all of us-today than
to work rapidly with Poland to develop
us into the 1990s if we are to pass on to fu-
the challenge of Poland; and then on the
such a program and ensure its successful
ture generations a global economy that is
broader landscape Eastern Europe-the
implementation. For its part, the United
strong and resilient and able to provide for
entire Eastern Europe-where countries
States intends to be out in front of this ef-
the aspirations of the citizens of all our
are in the throes of dramatic political and
fort, to take advantage of this historic de-
countries.
economic change.
velopment, and to ensure its success.
Thank you very much for your hard
The United States and its international
work. Thank you for your service. Thank
partners have already undertaken new ini-
Facing the Issues Together
you for your commitment. God bless you
tiatives toward Poland. But now, in the
and the nations that you represent.
light of clearly growing needs, the recent
Today, our mutual efforts to improve global
accession of a Solidarity-led government,
growth, to ease the burdens of developing
Published by the United States Department
and our self-evident stake in its success, we
countries-their indebtedness-and to
of State
Burea of Public Affairs
must do more. We understand the Polish
open markets for trade have demonstrated
Office of Public Communication
Editorial
Government has under consideration a
anew that progress is best achieved by fac-
Division
Washington, D.C.
October 1989
bold plan for economic recovery.
Editor: Sharon R. Haynes
This material is in
ing pressing issues together.
the public domain and may be reprinted
without permission; citation of this source is
appreciated.
3
PA/OAP, Rm. 5815A
BULK RATE
United States Department of State
POSTAGE & FEES PAID
Washington, D.C. 20520-6810
U.S. Department of State
Permit No. G-130
OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE $300
Address Correction Requested
DAP
EVERETTE E BRIGGS
58616
SPEC ASST PRES
NATIONAL SECURITY COUNCIL ROOM 351
OLD EXECUTIVE OFFICE BLDG
WASHINGTON
DC 20506
NATIONAL SECURITY COUNCIL
wip
DAP
July 19, 1989
20 con
TO:
ROBERT BLACKWILL
EVERETT BRIGGS
DAVID HAASS
KARL JACKSON
ARNOLD KANTER
VIRGINIA LAMPLEY
DAVID MILLER
PETER RODMAN
NICHOLAS ROSTOW
WILLIAM WORKING
FROM:
ERIC MELBY
Attached for your information are the
declarations issued at the Paris
Economic Summit.
Attachments
SUMMIT OF THE ARCH
10.10 JULY 1989
16 July 1989
ECONOMIC DECLARATION
1) We, the Heads of State or Government of seven
major industrial nations and the President of the Commission
of the European Communities, have met in Paris for the
fifteenth annual Economic Summit. The Summit of the Arch
initiates a new round of Summits to succeed those begun at
Rambouillet in 1975 and at Versailles in 1982. The round
beginning in 1982 has seen one of the longest periods of
sustained growth since the Second World War. These Summits
have permitted effective consultations and offered the
opportunity to launch initiatives and to strengthen
international cooperation.
2) This year's world economic situation presents
three main challenges:
- The choice and the implementation of measures
needed to maintain balanced and sustained growth, counter
inflation, create jobs and promote social justice. These
measures should also facilitate the adjustment of external
imbalances, promote international trade and investment, and
improve the economic situation of developing countries.
- 2 -
- The development and the further integration of
developing countries into the world economy. Whilst there has
been substantial progress in many developing countries,
particularly those implementing sound economic policies, the
debt burden and the persistence of poverty, often made worse
by natural disasters affecting hundreds of millions of people,
are problems of deep concern which we must continue to face in
a spirit of solidarity.
- The urgent need to safeguard the environment for
future generations. Scientific studies have revealed the
existence of serious threats to our environment such as the
depletion of the stratospheric ozone layer and excessive
emissions of carbon dioxide and other greenhouse gases which
could lead to future climate changes. Protecting the
environment calls for a determined and concerted international
response and for the early adoption, worldwide, of policies
based on sustainable development.
INTERNATIONAL ECONOMIC SITUATION
3) Growth has been sustained by focusing policies
on improving the efficiency and flexibility of our economies
and by strengthening our cooperative efforts and the
coordination process. In the medium term, the current buoyant
investment seen during this period should pave the way for an
increased supply of goods and services and help reduce the
dangers of inflation. The outlook is not, however, without
risks.
4) Until now, the threat of inflation in many
countries has been contained, thanks to the concerted efforts
of governments and monetary authorities. But continued
vigilance is required and inflation, where it has increased,
- 3 -
will continue to receive a firm policy response so that it
will be put on a downward path.
5) While some progress has been made in reducing
external imbalances, the momentum of adjustment has recently
weakened markedly. There needs to be further progress in
adjusting external imbalances through cooperation.
6) In countries with fiscal and current account
deficits, including the United States of America, Canada and
Italy, further reductions in budget deficits are needed.
Action will be taken to bring them down. This may help reduce
the saving-investment gap and external imbalances, contribute
to countering inflation and encourage greater exchange rate
stability in a context of decreasing interest rates.
7) Countries with external surpluses, including
Japan and Germany, should continue to pursue appropriate
macroeconomic policies and structural reforms that will
encourage non-inflationary growth of domestic demand and
facilitate external adjustment.
8) All our countries share the responsibility for
the sound development of the world economy. Over the medium
term, deficit countries have to play a key role in global
adjustment through their external adjustment and increased
exports; surplus countries have to contribute to sustaining
global expansion through policies providing favourable
conditions for growth of domestic demand and imports.
9) The emergence of the newly industrializing
economies and the initiation of a dialogue with them are
welcome. We call on those with substantial surpluses to
contribute to the adjustment of external imbalances and the
open trade and payments system. To that end, they should
- 4 -
permit exchange rates to reflect their competitive position,
implement GATT commitments and reduce trade barriers.
INTERNATIONAL MONETARY DEVELOPMENTS AND COORDINATION
10) Under the Plaza and Louvre agreements, our
countries agreed to pursue, in a mutually reinforcing way,
policies of surveillance and coordination aimed at improving
their economic fundamentals and at fostering stability of
exchange rates consistent with those economic fundamentals.
There has been progress in the multilateral
surveillance and coordination of economic policies with a view
to ensuring internal consistency of domestic policies and
their international compatibility. The procedures to be used
have been more clearly defined and improved in cooperation
with the International Monetary Fund.
11) The coordination process has made a positive
contribution to world economic development and it has also
contributed greatly to improving the functioning of the
International Monetary System. There has also been continued
cooperation in exchange markets.
It is important to continue, and where appropriate,
to develop this cooperative and flexible approach to improve
the functioning and the stability of the International
Monetary System in a manner consistent with economic
fundamentals. We therefore ask the Finance Ministers to
continue to keep under review possible steps that could be
taken to improve the coordination process, exchange market
cooperation, and the functioning of the International Monetary
System.
- 5 -
12) We welcome the decision to complete the work on
the ninth review of the International Monetary Fund quotas
with a view to a decision on this matter before the end of the
year.
We note that the question of a resumption of S.D.R.
allocation remains under consideration in the Executive Board
of the International Monetary Fund.
13) Within the European Community, the European
Monetary System has contributed to a significant degree of
economic policy convergence and monetary stability.
IMPROVING ECONOMIC EFFICIENCY
14) We will continue to promote measures in order
to remove inefficiencies in our economies. These
inefficiencies affect many aspects of economic activity,
reduce potential growth rates and the prospects for job
creation, diminish the effectiveness of macroeconomic policies
and impede the external adjustment process. In this context,
tax reforms, modernization of financial markets, strengthening
of competition policies and reducing rigidities in all sectors
including energy, industry and agriculture are necessary. So
are the improvement of education and vocational training,
transportation and distribution systems and further policies
aimed at giving more flexibility and mobility to the labour
market and reducing unemployment. Within the European
Community, the steady progress towards the completion by the
end of 1992 of the program contained in the Single Act has
already given a strong momentum to economic efficiency.
15) The decline of saving in some of our countries
in this decade is a cause for concern. This lower level of
- 6 -
saving can contribute to high real interest rates and
therefore hamper growth. Inadequate saving and large fiscal
deficits are associated with large external deficits. We
recommend, within the framework of policy coordination,
policies to encourage saving and remove hindrances where they
exist.
16) Financial activities are being increasingly
carried out with new techniques on a worldwide basis. As
regards insider trading, which could hamper the credibility of
financial markets, regulations vary greatly among our
countries. These regulations have been recently, or are in the
process of being, strengthened. International cooperation
should be pursued and enhanced.
TRADE ISSUES
17) World trade developed rapidly last year. Yet
protectionism remains a real threat. We strongly reaffirm our
determination to fight it in all its forms. We shall fulfill
the Punta del Este standstill and rollback commitments which,
inter alia, require the avoidance of any trade restrictive or
distorting measure inconsistent with the provisions of the
General Agreement and its instruments. We agree to make
effective use of the improved GATT dispute settlement
mechanism and to make progress in negotiations for further
improvements. We will avoid any discriminatory or autonomous
actions, which undermine the principles of the GATT and the
integrity of the multilateral trading system. We also are
pledged to oppose the tendency towards unilateralism,
bilateralism, sectoralism and managed trade which threatens to
undermine the multilateral system and the Uruguay Round
negotiations.
- 7 -
18) The successful negotiation of the Trade
Negotiations Committee of the Uruguay Round in Geneva last
April, thereby completing the mid-term review, is a very
important achievement. It gives a clear framework for future
work in all sectors including the pursuit of agricultural
reform in the short term as well as in the long term. It also
gives the necessary framework for substantive negotiations in
important sectors not yet fully included in GATT disciplines,
such as services, trade-related investment measures and
intellectual property.
Developing countries participated actively in these
negotiations and contributed to this success. All countries
should make their most constructive contribution possible.
We express our full commitment to making further
substantive progress in the Uruguay Round in order to complete
it by the end of 1990.
19) We note with satisfaction the entry into force of
the Free Trade Agreement between Canada and the US, as well as
more recent initiatives to intensify the close economic
relations between the European Community and EFTA countries.
It remains our policy that these and other developments in
regional cooperation, should be trade-creating and
complementary to the multilateral liberalization process.
20) It is the firm intention of the European
Community that the trade aspects of the single market program
should also be trade-creating and complementary to the
multilateral liberalization process.
21) We note with satisfaction the progress that has
been made in strengthening the multilateral disciplines on
trade and aid distorting export credit subsidies. This effort
- 8 -
must be pursued actively and completed in the competent bodies
of the OECD with a view to improving present guidelines at the
earliest possible date.
GENERAL PROBLEMS OF DEVELOPMENT
22) Development is a shared global challenge. We
shall help developing countries by opening the world trading
system and by supporting their structural adjustment. We
shall encourage too economic diversification in commodity
dependent countries and the creation of a favourable
environment for transfers of technology and capital flows.
We underline the continuing importance of official
development assistance and welcome the increased efforts of
Summit participants in this respect. We note the targets
already established by international organizations for the
future level of official development assistance and stress the
importance of overall financial flows to development.
We underline simultaneously the importance attached
to the quality of the aid and to the evaluation of the
projects and the programs financed.
23) We urge developing countries to implement sound
economic policies. A vital factor will be the adoption of
financial and fiscal policies which attract inward investment
and encourage growth and the return of flight capital.
24) We note with satisfaction that there has been
substantial progress in the multilateral aid initiative for
the Philippines that was given special attention in the
Toronto economic declaration.
- 9 -
25) Faced with the worrying economic situation of
Yugoslavia, we encourage its government to implement a strong
economic reform program that can command bilateral and
multilateral support.
THE SITUATION IN THE POOREST COUNTRIES
26) The enhancement of the International Monetary
Fund Structural Adjustment Facility, the World Bank special
program of assistance for the poorest and most indebted
countries and the fifth replenishment of the African
Development Fund are all important measures benefiting those
countries having embarked upon an adjustment process. We
stress the importance attached to a substantial replenishment
of International Development Association resources.
27) As we urged last year in TORONTO, the Paris
Club reached a consensus in September 1988 on the conditions
of implementation of significant reduction of debt service
payments for the poorest countries. Thirteen countries have
already benefitted by this decision.
28) We welcome the increasing grant element in the
development assistance as well as the steps taken to convert
loans into grants and we urge further steps to this end.
Flexibility in development aid as much as in debt rescheduling
is required.
29) We attach great importance to the efficient and
successful preparation of the next general conference of the
United Nations on the least developed countries, which will
take place in Paris in 1990.
STRENGTHENED DEBT STRATEGY FOR THE HEAVILY INDEBTED COUNTRIES
- 10 -
30) Our approach to the debt problems has produced
significant results, but serious challenges remain: in many
countries the ratio of debt service to exports remains high,
financing for growth promoting investment is scarce, and
capital flight is a key problem. An improvement in the
investment climate must be a critical part of efforts to
achieve a sustainable level of growth without excessive levels
of debt. These improvements of the current situation depend
above all on sustained and effective adjustment policies in
the debtor countries.
31) To address these challenges, we are strongly
committed to the strengthened debt strategy. This will rely,
on a case-by-case basis, on the following actions:
- borrowing countries should implement, with the
assistance of the Fund and the Bank, sound economic policies,
particularly designed to mobilize savings, stimulate
investment and reverse capital flight;
- banks should increasingly focus on voluntary,
market-based debt and debt service reduction operations, as a
1
complement to new lending;
- the International Monetary Fund and World Bank will
support significant debt reduction by setting aside a portion
of policy-based loans;
- limited interest support will be provided, through
additional financing by the International Monetary Fund and
the World Bank, for transactions involving significant debt
and debt service reduction. For that purpose the use of escrow
accounts is agreed;
- 11 -
- continued Paris Club rescheduling and flexibility
of export-credit agencies;
- strengthening of the international financial
institutions capability for supporting medium-term
macroeconomic and structural adjustment programs and for
compensating the negative effects of export shortfalls and
external shocks.
32) In the framework of this strategy:
- we welcome the recent decisions taken by the two
institutions to encourage debt and debt service reduction
which provide adequate resources for these purposes;
- we urge debtor countries to move ahead promptly
to develop strong economic reform programs that may lead to
debt and debt service reductions in accordance with the
guidelines defined by the two Bretton Woods institutions;
- we urge banks to take realistic and constructive
approaches in their negotiations with the debtor countries and
to move promptly to conclude agreements on financial packages
including debt reduction, debt service reduction and new
money. We stress that official creditors should not
substitute for private lenders. Our governments are prepared
to consider as appropriate tax, regulatory and accounting
practices with a view to eliminating_unnecessary-obstacles to
debt and debt service reductions.
- 12 -
ENVIRONMENT
33) There is growing awareness throughout the world
of the necessity to preserve better the global ecological
balance. This includes serious threats to the atmosphere,
which could lead to future climate changes. We note with great
concern the growing pollution of air, lakes, rivers, oceans
and seas; acid rain, dangerous substances; and the rapid
desertification and deforestation. Such environmental
degradation endangers species and undermines the well-being of
individuals and societies.
Decisive action is urgently needed to understand
and protect the earth's ecological balance. We will work
together to achieve the common goals of preserving a healthy
and balanced global environment in order to meet shared
economic and social objectives and to carry out obligations to
future generations.
34) We urge all countries to give further impetus
to scientific research on environmental issues, to develop
necessary technologies and to make clear evaluations of the
economic costs and benefits of environmental policies.
The persisting uncertainty on some of these issues
should not unduly delay our action.
In this connection, we ask all countries to combine
their efforts in order to improve observation and monitoring
on a global scale.
35) We believe that international cooperation also
needs to be enhanced in the field of technology and technology
transfer in order to reduce pollution or provide alternative
solutions.
- 13 -
36) We believe that industry has a crucial role in
preventing pollution at source, in waste minimization, in
energy conservation, and in the design and marketing of
cost-effective clean technologies. The agricultural sector
must also contribute to tackling problems such as water
pollution, soil erosion and desertification.
37) Environmental protection is integral to issues
such as trade, development, energy, transport, agriculture and
economic planning. Therefore, environmental considerations
must be taken into account in economic decision-making. In
fact good economic policies and good environmental policies
are mutually reinforcing.
In order to achieve sustainable development, we
shall ensure the compatibility of economic growth and
development with the protection of the environment.
Environmental protection and related investment should
contribute to economic growth. In this respect, intensified
efforts for technological breakthrough are important to
reconcile economic growth and environmental policies.
Clear assessments of the costs, benefits and
resource implications of environmental protection should help
governments to take the necessary decisions on the mix of
price signals (e.g., taxes or expenditures) and regulatory
actions, reflecting where possible the full value of natural
resources.
- 14 -
We encourage the World Bank and regional
development banks to integrate environmental considerations
into their activities. International organizations such as the
OECD and the United Nations and its affiliated organizations,
will be asked to develop further techniques of analysis which
would help governments assess appropriate economic measures to
promote the quality of the environment. We ask the OECD,
within the context of its work on integrating environment and
economic decision-making, to examine how selected
environmental indicators could be developed. We expect the
1992 UN Conference on Environment and Development to give
additional momentum to the protection of the global
environment.
38) To help developing countries deal with past
damage and to encourage them to take environmentally desirable
action, economic incentives may include the use of aid
mechanisms and specific transfer of technology. In special
cases, ODA debt forgiveness and debt for nature swaps can play
a useful role in environmental protection.
We also emphasize the necessity to take into
account the interests and needs of developing countries in
sustaining the growth of their economies and the financial and
technological requirements to meet environmental challenges.
39) The depletion of the stratospheric ozone layer
is alarming and calls for prompt action.
- 15 -
We welcome the HELSINKI conclusions related, among
other issues, to the complete abandonment of the production
and consumption of chloro-fluorocarbons covered by the
MONTREAL protocol as soon as possible and not later than the
end of the century. Specific attention must also be given to
those ozone-depleting substances not covered by the Montreal
protocol. We shall promote the development and use of suitable
substitute substances and technologies. More emphasis should
be placed on projects that provide alternatives to
chloro-fluorocarbons.
40) We strongly advocate common efforts to limit
emissions of carbon dioxide and other greenhouse gases, which
threaten to induce climate change, endangering the environment
and ultimately the economy. We strongly support the work
undertaken by the Intergovernmental Panel on Climate Change,
on this issue.
We need to strengthen the worldwide network of
observatories for greenhouse gases and support the World
Meteorological Organisation initiative to establish a global
climatological reference network to detect climate changes
41) We agree that increasing energy efficiency
could make a substantial contribution to these goals. We urge
international organizations concerned to encourage measures,
including economic measures, to improve energy conservation
and, more broadly, efficiency in the use of energy of all
kinds and to promote relevant techniques and technologies.
16 1 I
We are committed to maintaining the highest safety
standards for nuclear power plants and to strengthening
international cooperation in safe operation of power plants
and waste management, and we recognize that nuclear power also
plays an important role in limiting output of greenhouse
gases.
42) Deforestation also damages the atmosphere and
must be reversed. We call for the adoption of sustainable
forest management practices, with a view to preserving the
scale of world forests. The relevant international
organizations will be asked to complete reports on the state
of the world's forests by 1990.
43) Preserving the tropical forests is an urgent
need for the world as a whole. While recognizing the sovereign
rights of developing countries to make use of their natural
resources, we encourage, through a sustainable use of tropical
forests, the protection of all the species therein and the
traditional rights to land and other resources of local
communities. We welcome the German initiative in this field as
a basis for progress.
To this end, we give strong support to rapid
implementation of the Tropical Forest Action Plan which was
adopted in 1986 in the framework of the Food and Agricultural
Organization. We appeal to both consumer and producer
countries, which are united in the International Tropical
Timber Organization, to join their efforts to ensure better
conservation of the forests. We express our readiness to
assist the efforts of nations with tropical forests through
financial and technical cooperation, and in international
organizations.
- 17 -
44) Temperate forests, lakes and rivers must be
protected against the effects of acid pollutants such as
sulphur dioxide and nitrogen oxides. It is necessary to pursue
actively the bilateral and multilateral efforts to this end.
45) The increasing complexity of the issues related
to the protection of the atmosphere calls for innovative
solutions. New instruments may be contemplated. We believe
that the conclusion of a framework or umbrella convention on
climate change to set out general principles or guidelines is
urgently required to mobilize and rationalize the efforts made
by the international community. We welcome the work under way
by the United Nations Environment Program, in cooperation with
the World Meteorological Organization, drawing on the work of
the Intergovernmental Panel on Climate Change and the results
of other international meetings. Specific protocols containing
concrete commitments could be fitted into the framework as
scientific evidence requires and permits.
46) We condemn indiscriminate use of oceans as
dumping grounds for polluting waste. There is a particular
problem with the deterioration of coastal waters. To ensure
the sustainable management of the marine environment, we
recognize the importance of international cooperation in
preserving it and conserving the living resources of the sea.
We call for relevant bodies of the United Nations to prepare a
report on the state of the world's oceans.
- 18 -
We express our concern that national, regional and
global capabilities to contain and alleviate the consequences
of maritime oil spills be improved. We urge all countries to
make better use of the latest monitoring and clean-up
technologies. We ask all countries to adhere to and implement
fully the international conventions for the prevention of oil
pollution of the oceans. We also ask the International
Maritime Organization to put forward proposals for further
preventive action.
47) We are committed to ensuring full
implementation of existing rules for the environment. In this
respect, we note with interest the initiative of the Italian
government to host in 1990 a forum on international law for
the environment with scholars, scientific experts and
officials, to consider the need for a digest of existing rules
and to give in-depth consideration to the legal aspects of
environment at the international level.
48) We advocate that existing environment
institutions be strengthened within the United Nations system.
In particular, the United Nations Environment Program urgently
requires strengthening and increased financial support. Some
of us have agreed that the establishment within the United
Nations of a new institution may also be worth considering.
49) We have taken note of the report of the sixth
conference on bioethics held in Brussels which examined the
elaboration of a universal code of environmental ethics based
upon the concept of the "human stewardship of nature".
50) It is a matter of international concern that
Bangladesh, one of the poorest and most densely populated
countries in the world, is periodically devastated by
catastrophic floods.
- 19 -
We stress the urgent need for effective,
coordinated action by the international community, in support
of the Government of Bangladesh, in order to find solutions to
this major problem which are technically, financially,
economically and environmentally sound. In that spirit, and
taking account of help already given, we take note of the
different studies concerning flood alleviation, initiated by
France, Japan, the US and the United Nations Development
Program, which have been reviewed by experts from all our
countries. We welcome the World Bank's agreement, following
those studies, to coordinate the efforts of the international
community so that a sound basis for achieving a real
improvement in alleviating the effects of flood can be
established. We also welcome the agreement of the World Bank
to chair, by the end of the year, a meeting to be held in the
United Kingdom by invitation of the Bangladesh Government, of
the countries willing to take an active part in such a
program.
51) We give political support to projects such as the
joint project to set up an observatory of the Saharan areas,
which answers the need to monitor the development of that
rapidly deteriorating, fragile, arid region, in order to
protect it more effectively.
DRUG ISSUES
52) The drug problem has reached devastating
proportions. We stress the urgent need for decisive action,
both on a national and an international basis. We urge all
countries, especially those where drug production, trading and
consumption are large, to join our efforts to counter drug
production, to reduce demand, and to carry forward the fight
- 20 -
against drug trafficking itself and the laundering of its
proceeds.
53) Accordingly, we resolve to take the following
measures within relevant fora:
-
Give greater emphasis on bilateral and United Nations
programs for the conversion of illicit cultivation in the
producer countries. The United Nations Fund for Drug Abuse
Control (UNFDAC), and other United Nations and
multilateral organizations should be supported,
strengthened and made more effective. These efforts could
include particular support for the implementation of
effective programs to stop drug cultivation and trading as
well as developmental and technical assistance.
-
Support the efforts of producing countries who ask for
assistance to counter illegal production or trafficking.
-
Strengthen the role of the United Nations in the war
against drugs through an increase in its resources and
through reinforced effectiveness of its operation.
-
Intensify the exchange of information on the prevention of
addiction, and rehabilitation of drug addicts.
-
Support the international conference planned for 1990 on
cocaine and drug demand reduction.
-
Strengthen the efficiency of the cooperative and mutual
assistance on these issues, the first steps being a prompt
adhesion to, ratification and implementation of the Vienna
Convention on illicit traffic in narcotic drugs and
psychotropic substances.
- 21 -
Conclude further bilateral or multilateral agreements and
support initiatives and cooperation, where appropriate,
which include measures to facilitate the identification,
tracing, freezing, seizure and forfeiture of drug crime
proceeds.
Convene a financial action task force from Summit
Participants and other countries interested in these
problems. Its mandate is to assess the results of
cooperation already undertaken in order to prevent the
utilization of the banking system and financial
institutions for the purpose of money laundering, and to
consider additional preventive efforts in this field,
including the adaptation of the legal and regulatory
systems so as to enhance multilateral judicial assistance.
The first meeting of this task force will be called by
France and its report will be completed by April 1990.
54) International cooperation against AIDS
We take note of the creation of an International Ethics
committee on AIDS which met in Paris in May 1989, as decided
at the Summit of Venice (June 1987). It assembled the Summit
Participants and the other members of the EC, together with
the active participation of the World Health Organization.
55) We take note of the representations that we
received from various Heads of State or Government and
organizations and we will study them with interest.
- 22 -
56) Next Economic Summit
We have accepted the invitation of the President of
the United States to meet next year in the United States of
America.
I
SUMMIT OF THE ARCH
14.16 JULY 1989
DECLARATION ON CHINA
We have already condemned the violent repression in China
in defiance of human rights. We urge the Chinese authorities to
cease action against those who have done no more than claim
their legitimate rights to democracy and liberty.
This repression has led. each of us to take appropriate
measures to express our deep sense of condemnation to suspend
bilateral Ministerial and high-level contacts, and also to
suspend arms-trade with China, where it exists. Furthermore,
each of us has agreed that, in view of current economic
uncertainties , the examination of new loans by the World Bank
be postponed. We have also decided to extend the stays of
those Chinese students who so desire.
We look to the Chinese authorities to create conditions
which will avoid their isolation and provide for a return to
cooperation based upon the resumption of movement towards
political and economic reform, and openness. We understand and
share the grave concern felt by the people of Hong Kong
following these events. We call on the Government of the
People's Republic of China to do what is necessary to restore
confidence in Hong Kong. We recognize that the continuing
- 2 -
support of the international community will be an important
element in the maintenance of confidence in Hong Kong.
July 15, 1989
SUMMIT OF THE ARCH
14 10 JULY 1989
DECLARATION ON EAST-WEST RELATIONS
1. We, the leaders of our seven countries and the
representatives of the European Community, reaffirm the
universal and supreme importance which we attach to freedom,
democracy and the promotion of human rights.
2. We see signs of this same desire for greater freedom
and democracy in the East. The people there, including the
young people, are reasserting these values and calling for a
pluralist democratic society. Some of their leaders are aware
of the positive contribution that greater freedom and democracy
can make to the modernisation of their countries and are
starting to make changes to their laws, practices and
institutions. Others are still endeavouring to resist this
movement by taking repressive measures which we strongly
condemn.
3. We hope that freedom will be broadened and democracy
strengthened and that they will form the basis, after decades
of military confrontation, ideological antagonism and mistrust,
- 2 -
for increased dialogue and cooperation. We welcome the reforms
underway and the prospects of lessening the division of Europe.
4. We call upon the Soviet Government to translate its new
policies and pronouncements into further concrete action at
home and abroad. Military imbalances favouring the Soviet
Union, both in Europe and in Asia, remain an objective threat
to each of us. Our Governments must therefore continue to be
vigilant and maintain the strength of our countries. For the
foreseeable future, there is no alternative for each of us,
within existing alliances, to maintaining a strategy of
deterence based upon an appropriate mix of adequate and
effective nuclear and conventional forces. In order to
hasten the advent of a world in which the weight of arms and
military strength is reduced, we recommit ourselves to the
urgent pursuit of a global ban on chemical weapons, a
conventional forces balance in Europe at the lowest possible
level consistent with our security requirements, and a
substantial reduction in Soviet and American strategic nuclear
arms.
5. We offer the countries of the East the opportunity to
develop balanced economic cooperation on a sound commercial
basis consistent with the security interests of each of our
countries and with the general principles of international
trade. We have noted developments of relations between the EEC
and countries of the East, in particular the conclusion of an
agreement with Hungary, the progress already achieved during
3 I 1
the current discussions with Poland and the opening of
negotiations with the Soviet Union.
6. We welcome the process of reform underway in Poland and
Hungary. We recognize that the political changes taking place
in these countries will be difficult to sustain without
economic progress. Each of us is prepared to support this
process and to consider, as appropriate and in a coordinated
fashion, economic assistance aimed at transforming and opening
their economies in a durable manner. We believe that each of us
should direct our assistance to these countries so as to
sustain the momentum of reform through inward investment, joint
ventures, transfer of managerial skills, professional training
and other ventures which would help develop a more competitive
economy.
Each of us is developing concrete initiatives designed to
encourage economic reforms, to promote more competitive
economies and to provide new opportunities for trade.
We agreed to work along with other interested countries
and multilateral institutions to concert support for the
process of reform underway in Hungary and Poland, in order to
make our measures of support more effective and mutually
reinforcing. We will encourage further creative efforts by
interested governments and the public and private sectors in
support of the reform process.
Concerning concerted support for reform in Poland and
Hungary, we call for a meeting with all interested countries
- 4 -
which will take place in the next few weeks. We underline, for
Poland, the urgent need for food in present circumstances.
To these ends, we ask the Commission of the European
Communities to take the necessary initiatives in agreement with
the other Member States of the Community, and to associate,
besides the Summit participants, all interested countries.
7. We are in favour of an early conclusion of the
negotiations between the IMF and Poland. The strengthened debt
strategy is applicable to Poland, provided it meets the
conditions. We are ready to support in the Paris Club the
rescheduling of Polish debt expeditiously and in a flexible and
forthcoming manner.
8. We see good opportunities for the countries of West and
East to work together to find just solutions to conflicts
around the world, to fight against under-development, to
safeguard the resources and the environment and to build a
freer and more open world.
July 15, 1989
SUMMIT OF THE ARCH
14.16 JULY 1989
DECLARATION ON HUMAN RIGHTS
In 1789, the rights of man and of the citizen were
solemnly proclaimed. Just over forty years ago, the General
Assembly of the United Nations adopted the Universal
Declaration of Human Rights, which have been further developed
and codified and are now embodied in the Covenants on Civil and
Political Rights and on Economic, Social and Cultural Rights.
We reaffirm our commitment to freedom, democratic
principles and human rights. We reaffirm our belief in the rule
of law which respects and protects without fear or favour the
rights and liberties of every citizen, and provides the setting
in which the human spirit can develop in freedom and diversity.
Human rights are a matter of legitimate international
concern. We commit ourselves again to encouraging and promoting
universal respect for human rights and fundamental freedoms.
Looking towards the future, we see opportunities as well
as threats; this impels us to pledge our firm commitment to
uphold international standards of human rights and to confirm
our willingness to reaffirm them and to develop them further.
2 I I
We stress the protection of freedom of thought, conscience
and religion, and of freedom of opinion and expression; for
without these freedoms, other rights cannot be fully realised.
We stress also respect for the rule of law and the
plurality of opinion, for without them there can be neither
representative government nor democracy.
We believe equally in freedom of association in a
pluralist society.
We hold that the right of each individual to physical
integrity and dignity must be guaranteed. We abhorr and condemn
torture in all its forms.
We believe that all human beings must act towards each
other in a spirit of fraternity.
We believe that everyone has a right to equality of
opportunity as well as to own property, alone or in association
with others. Extreme poverty and exclusion from society violate
the dignity of everyone enduring them. Those who suffer or are
in need should be supported.
We stress that the rights of the child, the disabled and
the elderly require special protection.
We consider that developments in the human sciences, for
instance the progress achieved in genetics and organ
3 I I
transplantation, must be applied in accordance with all human
rights if the dignity of human beings is to be preserved.
We, the present generation, have an obligation to ensure
that future generations will inherit a healthy environment.
We reaffirm our belief that these rights and freedoms
cannot be properly safeguarded without the rule of law,
impartial justice and genuine democratic institutions.
July 15, 1989
SUMMIT OF THE ARCH
14.10 JULY 1989
DECLARATION ON TERRORISM
1 - We remain resolutely opposed to terrorism in all its
forms. We confirm the commitment each of us has undertaken to
the principle of making no concessions to terrorists or their
sponsors and to cooperating, bilaterally and in all relevant
international fora, in combatting terrorism. We reiterate our
commitment to the policies agreed at previous summits; in
particular we condemn state-sponsored terrorism. We are
determined not to let terrorists remain unpunished, and to have
them brought to justice within the framework of international
law and in conformity with the rule of law. We call upon those
states which have supported or encouraged terrorist acts to
demonstrate by their actions that they have renounced such
policies. We reaffirm in particular our absolute condemnation
of the taking of hostages. We call on those holding hostages to
release them immediately and unconditionally and on those with
influence over hostage-takers to use it to this end.
2 - Deeply concerned for the safety of all travellers
and outraged by the murderous attacks perpetrated against
international civil aviation and the frequent threat to air
transport safety from terrorist groups, we reaffirm our
commitment to the fight against all forms of terrorism
2
affecting civil aviation. We reiterate our determination to
contribute to reinforcing internationally agreed measures for
protection against aircraft hijackings and sabotage.
3 - We particularly condemn the recent attack on an
aircraft over Scotland, which killed 270 people. We have agreed
to give priority to preventing such attacks by further
strengthening security measures. We attach importance to the
implementation of the work plan recently adopted by the ICAO
Council for this purpose.
4 - We have also agreed on the need for improved
methods of detecting explosives. We endorse efforts currently
underway in ICAO to develop, as a matter of high priority, an
appropriate international regime for the marking of plastic and
sheet explosives for detection.
July 15, 1989
Withdrawal/Redaction Sheet
(George Bush Library)
Document No.
Subject/Title of Document
Date
Restriction
Class.
and Type
01. Memorandum
To: Philip Hughes From: Deane Hoffmann
6/23/89
(b)(1)
S
Re: Summary of International Economic Policy Review
Breakfast (1 pp.)
Collection:
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Office:
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Subject File 1989
WHORM Cat.:
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Economic Sanctions - January 20, 1989-December 31, 1989 [1]
Date Closed:
12/4/2014
OA/ID Number:
CF00194-017
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File
UNCLASSIFIED
RECORD ID: 8904314
Econom
NSC/S PROFILE
RECEIVED: 05 JUN 89 15
TO: PRESIDENT
FROM: LANGMORE, JOHN
DOC DATE: 01 JUN 89
HERFKENS, EVELINE
SOURCE REF:
KEYWORDS: AUSTRALIA
INTL FINANCE
PERSONS:
SUBJECT: LTR TO PRES FM PARLIAMENTARIAN GLOBAL ACTION RE THIRD WORLD DEBT
ACTION: DRAFT REPLY FOR WH SIG
DUE DATE: 08 JUN 89
STATUS: D
STAFF OFFICER: STATE
LOGREF:
FILES: WH
NSCIF:
CODES:
DOCUMENT DISTRIBUTION
FOR ACTION
FOR CONCURRENCE
FOR INFO
DEAL
HOFFMANN
JACKSON
MANDEL
PAAL
PACELLI
COMMENTS:
DISPATCHED BY
DATE
BY HAND W/ATTCH
OPENED BY: NSRSC
CLOSED BY:
DOC 1 OF 1
UNCLASSIFIED
TELEPHONE: (202) 797-3000
TELEGRAPHIC ADDRESS: AUSTEMBA
1601 MASSACHUSETTS AVE.
TELEX: W.U. 892621
WASHINGTON. D.C. 20036
TWX: 710-822-9295
EMBASSY OF AUSTRALIA
IN REPLY QUOTE:
1940D
1 June 1989
Mr Douglas H Paal
Director - Asian Affairs
National Security Council
Room 493, Old Executive Building
Pennsylvania Ave
WASHINGTON, D.C.
20506
Dear Mr Paal,
We have been asked to forward the enclosed letter addressed to the
President of the United States from Mr John Langmore, MP, writing
on behalf of Parliamentarians Global Action concerning Third World
debt and international financial reform.
Yours sincerely,
Caroline nullas
(Caroline Millar)
FIRST SECRETARY
PARLIAMENTARIANS GLOBAL ACTION
for Disarmament, Development and World Reform
ACCION MUNDIAL DE AMENTARIOS
para el Desarme. el Desarrollo y el Cambio Mundial
ACTION MONDIALE DES PARLEMENTAIRES
pour le Désarmement, le Développement et une Reforme Mondiale
PRESIDENT AND CHAIRMAN
OF THE EXECUTIVE COMMITTEE
Dr. Claim Ragnar Grimsson, MA, Iceland
3 May 1989
PRESIDENTS
Congressman Tom Downey, USA
Senadora Silvia Hernandez, Mexico
Digvijay Sinh, MP, India
Relus ter Beck, Netherlands
TREASURER
Walter McLean, MP. Canada
CHAIRMAN OF THE COUNCIL
The Hon President George Bush
Warren Alimand, MP, Canada
VICE-CHAIRMEN OF THE COUNCIL
Emma Bonino, Deputato, italy
John Langmore, MP, Australia
Congressman Jim Leach, USA
Hon. Saihou S. Sabaliy, MP, The Gambia
Marcelo Stubrin, Diputado, Argentina
Dear President Bush
COUNCILLORS
The enclosed communique on Third World debt was
Jorge Alegria Haya, Diputado, Peru
Paddy Ashdown, MP, United Kingdom
prepared by parliamentarians from most G10
Lasse Budtz. MF, Donmark
countries who met in Amsterdam at the beginning of
Herta Dilubier-Gmatin, MdB,
April.
Federal Republic of Germany
George Foulkes, MP, United Kingdom
Fernando Gasparian, Deputado, Brazil
The agreements reached at the Toronto Summit and
Eveline Herikens, Netherlands
the proposals by Mr Nicholas Brady which are
Carl Lowzow, Representant, Norway
Hon. Meshack Maganga, MP, Tanzania
currently being discussed, would, when implemented
Richard Northey, MP, New Zealand
make a significant contribution to easing the
Heinrich Off. Counseiller National,
Switzerland
chronic Third World debt crisis. We consider,
Yoshio Sakurauchi, Japan
however, that considerably more will be required
Michael Warnalwa. MP, Kenya
before renewed, sustained growth in debtor
Angel Zambrano, Diputado, Venezuela
countries is firmly re-established and the debt
SECRETARY-GENERAL
crisis ended.
Nicholas Dunlop
We hope that the proposals outlined in the
EXECUTIVE DIRECTOR
Aaron Tovish
Amsterdam Appeal will be seriously considered by
the G7 leaders during the Paris Summit in July.
EXECUTIVE POLITICAL OFFICERS
This meeting could well be more influential in
Regina Monticone
Batsy Hurwitz
setting conditions for improved living standards in
poorer countries than any of the G7 Summits held so
far.
211 East 43rd Street. Suite 1604, New York, New York 10017 Telephone: (212) 687-7755
MCI TLX 650-273-2938/ANSBK 650-273-2938MCI LW Talex- 4998460PWONV Fax: (212) 687.2400
- 2 -
We wish you great wisdom in your difficult task.
Yours sincerely
John Jhon Langmore Leyana MP
Eveline Inform
Eveline Herfkens MP
Chairman
Convenor
on behalf of:
Hon W Allmand MP, Liberal Party, Canada
Mr B Beumer MEP, Christian Democratic Group,
The Netherlands
Mr S Holland MP, Labour Party, United Kingdom
Mr N Lammert MdB, Christian Democratic Party, FRG
Mr J Lester MP, Conservative Party, United Kingdom
Mr J Ramallo Massanet MP, Socialist Party, Spain
Hon W McLean MP, Conservative Party, Canada
Mr B Morrison Congressman, Democratic Party, US
Mr M Pedine Senator, Christian Democratic Party,
Italy
Mr W Vergeer MEP, Christian Democratic Group,
The Netherlands
Mr B Wells MP, Conservative Party, United Kingdom
PARLIAMENTARIANS GLOBAL ACTION
for Disarmament. Development and World Reform
ACCION MUNDIAL DE PARLAMENTARIOS
para el Desarme. el Desarrollo y el Cambio Mundial
ACTION MONDIALE DES PARLEMENTAIRES
pour le Désarmement. le Développement et une Reforme Mondiale
OFFICERS
PRESIDENT AND CHAIRMAN
OF THE EXECUTIVE COMMITTEE
Dr. Olafur Ragnar Grimsson. MA, Iceland
THE AMSTERDAM APPEAL
PRESIDENTS
Congressman Tom Downey. USA
Senadora Silvia Hernandez. Mexico
Dignijay Sinh. MP. India
Relus ter Beek. Netherlands
1. Parliamentarians from the G10 countries met in Amsterdam on
the eve of the spring sessions of the IMF and the World Bank to
TREASURER
Walter McLean. MP. Canada
critically examine the Third World debt crisis and proposals for
international financial reform. Legislators from different
CHAIRMAN OF THE COUNCIL
Warren Allmand. MP, Canada
political parties, senior spokespersons on these issues,
participated in this unprecedented two day conference organised by
VICE-CHAIRMEN OF THE COUNCIL
Parliamentarians Global Action. The parliamentarians were
Emma Bonino. Deputato. Italy
John Langmore. MP. Australia
addressed by the Dutch Development Cooperation Minister and joined
Congressman Jim Leach. USA
by the President of the African Development Bank and other senior
Hon. Saihou S. Sabally. MP. The Gambia
Marceio Stubnn. Diputado. Argentina
banking officials as well as experts from multi-lateral agencies
and the academic research community.
COUNCILLORS
Jorge Alegna Haya. Diputado. Peru
Herta Däubler-Gmelin. MdB.
Federal Republic of Germany
2. We agreed that the recent new debt relief policies - although
Ole Espersen. MF. Denmark
George Foulkes. MP. United Kingdom
moving in a more positive direction - are insufficient and need
Fernando Gaspanan, Deputado. Brazil
substantial extension. In fact, a new debt strategy requires a
Eveline Hertkens. Netherlands
Tom Kirt. MP. Ireland
"Toronto plus" and a "Brady plus" approach. The debtor countries
Carl Lowzow. Representant. Norway
require both debt reduction and new concessional finance as a
Meshack Maganga. MP, Tanzania
precondition though not a substitute for valid and sound domestic
Miran Mejak. Yugoslavia
Opan Muchingun. MP. Zimbabwe
economic policies. Funds for debt policies reduction should be
Richard Northey. MP. New Zealand
additional to those already allocated for aid.
Heinnch Ott. Counseiller National,
Switzerland
Eduardo Pereva da Silva, Deputado.
Portugal
3. The central objective of the strategy for containing the debt
David Steel, MP. United Kingdom
Mitsunon Ueki. MP, Japan.
crisis 90 far has been to prevent rupture in creditor-debtor
Michael Wamalwa. MP. Kenya
relations. The successes of this strategy have been that an
Angel Zambrano. Diputado. Venezuela
international financial crisis has been averted, banks have
SECRETARIAT:
strengthened their position and defaults have been contained. The
HEADQUARTERS
fundamental flaws are that the costs have been borne by debtors,
causing general deterioration or stagnation and growing
SECRETARY-GENERAL
impoverishment for large segments of their populations. After
Dr. Kennedy Graham
nearly seven years the strategy has failed not only to restore the
EXECUTIVE DIRECTOR.
conditions for development but also because many countries are no
Aaron Tovish
nearer having any capacity to repay their debts.
INTERNATIONAL OFFICE
INTERNATIONAL DIRECTOR
Nicholas Dunlop
4. A key requirement for easing the crisis is that global
interest rates be reduced. The current upward pressure on
interest rates must be resisted. This would also contribute to
sustaining steady Western economic growth, which is necessary for
the increase of trade between the industrialised and developing
world. This process must be supported by greater international
monetary stability. This would contribute to sustaining
investment and growth.
Headquarters: 211 East 43rd Street, Suite 1604, New York, New York, 10017, USA.
Telephone (212) 687-7755 Telex: 4998460 PWONY Telefax: (212) 687-8409.
International Office: rue du Marché aux Poulets 30, 1000 Brussels, Belgium, Telephone: (32-2) 217-8225
2.
Goals
5. An obvious minimal goal of a new debt strategy must be elimination of net
financial transfers from debtor to creditor countries. While there is a net
outflow of funds from developing countries of around $30 billion a year adequate
investment for sustained growth is impossible. A second minimal goal must be to
relate debt servicing obligations to capacity to pay.
Commercial Debt : Brady Plus
6. The commercial debt crisis is now much less a crisis of risk to the creditor
banks and much more a crisis of declining living standards in the debtor countries
and lost jobs through lost trade by the creditor countries. Resolving this crisis
requires that the debtor countries have available adequate funds for growth-
promoting investment, a goal which is inconsistent with the current net negative
financial transfer from these countries. The debt strategy should at least
eliminate these negative transfers.
7. The Brady initiative endorses the case for acceptance of debt reduction as
the prime tool to end the negative resource transfer problem. But a major scale
of debt reduction is essential for success. To this end, we recommend 50% as a
guideline for the amount of debt stock reduction needed overall, with appropriate
variation country-by-country depending on ability to pay as measured by export
earnings and volume of debt.
8. The cost of servicing the remaining 50% of debt should be further reduced to
eliminate net cash outflow. This should include measures to:
1) reschedule repayments of principal;
2) adjust interest rates to a standard such as the historical real interest
rate of 1-2%; and
3) recycle repayments of allowing local currency repayment into reinvestment
funds with repatriation constraints (in order to provide investment
resources for developing countries as well as limiting outflows).
These steps are appropriate to complement the Brady initiative and should be
supported by the necessary regulatory and tax treatment to permit and induce banks
to participate and to give priority to participating banks over non-participating
ones.
9. Overall management of debt reduction and adjusting the debt service structure
cannot be left to the private sector alone. Public sector resources will be
required to support guarantees of claims remaining after adequate debt reduction.
Coordination is required to ensure that the scale of debt reduction, reduction of
resource transfers and accompanying debtor country policies are sufficient to make
payments on these guarantees unlikely. Movement towards those goals would be
greatly assisted by either the French proposal to use an SDR facility through the
IMF, Japanese support for an independent debt management authority or the U.S.
Congressional mandate to the Treasury to study and negotiate for such an
authority. A facility of the World Bank would be an appropriate vehicle to
perform these functions.
3.
10. The Brady initiative relies heavily on appropriate debtor country economic
policies to reverse capital flight from debtor countries as a necessary condition
for success of the approach. Reduction of capital flight is certainly a
substantial potential source of additional investment. But this cannot be
achieved until the investment environment in the debtor countries is attractive.
Policies to achieve this goal should be part of the economic reforms which
accompany debt reduction schemes. When such changes are being implemented by
debtor countries it could be appropriate for the industrialised countries to
assist the process by cooperative steps including:
disclosure by tax authorities in the countries concerned;
disincentives to capital flight such as taxation in the country of
inflow; and
recycling of at least a share of the funds to developing countries.
Official Debt in sub-Saharan and Other Low Income Countries : Toronto Plus
11. Low income African countries face uniquely difficult economic development
problems. Their human resources and their frequently fragile physical
environments remain in peril. Their development in the near future depends more
upon official than upon private external finance, and their external debts are
primarily to governments.
12. The Toronto summit set an important precedent by authorizing debt reduction
in connection with rescheduling in the Paris club. The need of African and other
low income countries for external resource flows and debt reduction has not yet,
however, been adequately addressed. For most of these countries recovery has yet
to begin.
13. For these countries we therefore recommend:
a write down of a significant portion of the Paris club debt;
a moratorium of ten years on all official interest and principal payment
obligations;
the use of International Development Association rescheduled terms of
these payments;
that the budgetary costs of these debt reductions be added to aid donor
commitments and not be taken from existing aid allocations;
that aid donors who have not already done 90 plan now a program of
cancellation of their aid-related debts;
significant expansion of concessional resource flows;
the development of improved means of encouraging the restoration of
eligibility for those countries in arrears to the IMF; and
that the IMF consider the sale of a portion of its gold holdings to.
finance additional multilateral concessional lending to low-income
debt-distressed countries.
4.
Conditionality
14. The proposals above require sharply increased resources. As with all
financial-flows creditor nations and international institutions must continue to
exercise appropriate financial management to assure that the funds will contribute
to equitable and sustainable growth. Such financial management should form part
of an International Development Contract in which the partnership between the
industrialised and developing countries is clearly recognized. This must include
a more balanced approach to conditionality in which the partners have shared
responsibility in both national and international policies. We strongly support
the UNICEF strategy of "adjustment with a human face" which aims at appropriately
changing productive structures while also emphasizing:
more expansionary macro-economic policies;
concentrating sectoral policy on employment and income earning areas
including small farming and informal activities;
greater equity as well as cost effectiveness in incomes policies and
social programs;
compensatory programs to protect health and nutrition of the poor during
restructuring;
closer monitoring of major aspects of living standards, so as to respond
more quickly to deprivation;
ecological responsibility; and
democratic control of economic policy-making.
15. Many components of these conditions deal with critical policy decisions which
will shape the future fabric of the societies in the debtor countries for many
years to come. Such decisions should form part of a process of democratic
consultations. As parliamentarians we are worried that rigid conditionality will
hamper and frustrate the democratic process of decision making. We suggest
therefore that parliamentarians of G10 countries in their respective parliaments
encourage an investigation into, and seek to influence the functioning of the
international financial institutions with respect to the effects of conditionality
on democratic policy making. Such national inquiries could well lead to an
international inquiry by parliamentarians into the role of the international
financial institutions. As long as international economic and monetary issues are
seen as only technical and abstract subjects which should be left to officials and
bankers, some of the most important economic issues which affect the lives of all
people are removed from the area of public debate. Greater political involvement
of parliamentarians as well as international coordination of parliamentary action
is a high priority in this respect.
16. These specific recommendations should not neglect wider issues of development
strategy which must be addressed by the international community. They include:
1) an increase in concessional aid flows so that the ratio of overseas
development assistance to GNP moves closer to the UN target of 0.7% of
GNP;
2). approval of the World Bank's general capital increase;
5.
3) a major increase in IMF quotas; and
4) similar expansions in the capital base of the regional development banks
and of the International Fund for Agricultural Development.
The Japanese Government is already making an important contribution through rapid
increases in bilateral aid flows and capital for the interantional financial
institutions.
17. The current interim committee and G10 meeting in Washington and the meeting
of G7 leaders in Paris in July offer the opportunity for a substantial major step
forward. The major Western industrialised countries have the capacity to restore
or prevent growth in the developing countries. The developing countries have
control of their own internal affairs and through responsible economic policies
can create the conditions for sustainable growth. But the most powerful external
constraints on them originate in the G7 countries. The living standards of
hundreds of millions of people depend on the decisions taken in Washington and
Paris. We will advocate the policies outlined in this statement in our
parliaments and to our governments and do all that we can to influence the outcome
of these and other relevant meetings.
I April 89
Hon W. Allmand, MP, Liberal Party. Canada
Mr B. Beumer, MEP, Christian Democratic Group. The Netherlands
Mrs E. Herfkens, MP, Labour Party. The Netherlands
Mr S. Holland, MP, Labour Party. United Kingdom
Mr N. Lammert, MdB, Christian Democratic Party. Federal Republic of Germany.
Mr J. Langmore, MP, Labor Party. Australia
Mr J. Lester, MP, Conservative Party. United Kingdom
Mr J. Ramallo Massanet, MP, Socialist Party. Spain
Hon W. McLean, MP, Conservative Party. Canada
Mr B. Morrison, Congressman, Democratic Party. United States
Mr M. Pedini, Senator, Christian Democratic Party. Italy
Mr W. Vergeer, MEP, Christian Democratic Group. The Netherlands
Mr B. Wells, MP, Conservative Party. United Kingdom
6.
ADVISORS
Dr B. N'Diaye, President, African Development Bank
Dr D. Rwegasira, Deputy Director, Development Research and Policy, African
Development Bank
Dr L. Emmerij, President, OECD Development Centre, Paris
Mme Chedeville-Murray, Ministere des Affairs Etrangeres, Centre d'Analyse et de
Prevision, Paris
Dr S. Griffith-Jones, University of Sussex
Professor G. Helleiner, University of Toronto
Dr R. van der Hoeven, UNICEF
OBSERVER
Mr Yasuaki Mori, First Secretary (Economics), Embassy of Japan, The Hague
PARLIAMENTARIANS GLOBAL ACTION
Mr N. Dunlop, International Director
Dr K. Graham, Secretary-General
PROJECT DIRECTOR
Dr A. Koenders, Dutch Labour Party
NATIONAL SECURITY COUNCIL
ID 8904314
REFERRAL
DATE: 05 JUN 89
MEMORANDUM FOR: STATE SECRETARIAT
DEPARTMENT OF STATE
DOCUMENT DESCRIPTION:
TO: PRESIDENT
SOURCE: LANGMORE, JOHN
DATE: 01 JUN 89
SUBJ: LTR TO PRES FM PARLIAMENTARIAN GLOBAL ACTION RE THIRD WORLD DEBT
REQUIRED ACTION: DRAFT REPLY FOR WH SIG
DUEDATE:
COMMENT:
Mohat A Call
FOR
GEORGE VAN ERON
DIRECTOR NSC SECRETARIAT