ABSTRACT
Traditional international organisations sometimes produce official publications instigated by the summit. The Lyon Summit welcomed the progress in the implementation of the Halifax proposals, noting that the “surveillance capacities of the International Monetary Fund have been enhanced, standards for the provision of economic and financial information to the markets have been established and an emergency financing mechanism has been created”. The leaders at Lyon noted progress achieved since the Halifax Summit in the reform not only of international financial institutions but also of the UN itself. They commented favourably on the ninth session of the United Nations (UN) Conference on Trade and Development which had laid the groundwork for “a thorough reform” of the UN economic and social sector. The Group of Seven (G7) agreed on concrete steps to strengthen the international financial system. The memorandum proposes a number of priority reforms in light of the G7 leaders’ and finance ministers’ statements.
