"We are all aware it will be a complex process," he said, although it seemed clear that an international financial and economic system that could promote development was imperative.

There also appeared to be broad consensus in acknowledging that a root cause lay with the flaws of the regulatory system, particularly in developed countries, Heller said.

During the discussions, many delegates echoed the call for reform and underlined the need for greater equality of participation in the global economic and financial system.

In closing remarks, the General Assembly president stressed the "urgency of the economic and financial crises that are unfolding around us."

"This three-day meeting has demonstrated once again that the assembly, the UN system and partners from the private sector, civil society and academia can come together to identify problems and explore solutions that reflect the concerns of all member states," d'Escoto said.

Taking note of the recommendations from the expert commission, the assembly president said that certain proposals, including those affecting Special Drawing Rights and the regulation of capital flows, received support among many delegations attending the meeting.

D'Escoto asked the commission to continue to meet and study the "complex information and global trends."

"Our work is given greater urgency as speakers emphasized the expectation that the ongoing economic turmoil is likely a prelude to increased and unpredictable political instability that will complicate the recovery even further," he said.

(Xinhua News Agency March 28, 2009)