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Good governance underpins development of small national economies, according to PACE

PACE Standing Committee, meeting in Edinburgh, today stressed the importance of good governance in underpinning the development of crisis-stricken small national economies.

The parliamentarians said steps must be taken to ensure sound macro-economic fundamentals, diversify the national economy, optimise the use of local resources, enhance competitiveness and strengthen the institutional capacity of small states.

Approving a report by Marie-Louise Coleiro Preca (Malta, SOC), rapporteur on this question, PACE also stressed that international organisations could assist capacity building in small states, and could play a most useful role in ensuring a level playing field and greater solidarity between small and big actors on the global economic scene.