Monterrey Consensus on Financing for Development: Response Sought from International Economic Law

Abstract

The Monterrey Conference held in Mexico in March 2002 was an exceptionally significant event, qualitatively different from any other U.N. conference. It was characterized by the inclusion of all the stakeholders; preparations were marked by constructive interaction between developed and developing countries; and it was free from polemics and usual acrimony between rich and poor nations. The Consensus Document is profoundly different from other landmark U.N. documents. Developing countries have become more realistic, responsible, and mature, while developed countries-having witnessed the tragic events of September 11 and becoming cognizant of the indivisibility of development and securityexhibited a new spirit of accommodation. Faithful implementation and sustaining of the Monterrey spirit is now critically important. In the context of this Article, the Monterrey Conference represents demand, and a supply response is expected from international economic law. Much good is expected from the synergy between the Conference and international economic law.