Monterrey Consensus

Monterrey Consensus was the result of the 2002 United Nations International Conference on Financing for Development in Monterrey, Mexico. It was adopted by Heads of State and Government on 22 March 2002. The Consesus is related to international development cooperation and new development aid commitments from the United States and the European Union and other countries were made at the conference. Countries also reached agreements on other issues, including debt relief, fighting corruption, and policy coherence. Since its adoption the Monterrey Consensus has become the major reference point for international development cooperation. The document embraces six areas of Financing for Development:

• Mobilizing domestic financial resources for development.
• Mobilizing international resources for development: foreign direct investment and other private flows.
• International Trade as an engine for development.
• Increasing international financial and technical cooperation for development.
• External Debt.
• Addressing systemic issues: enhancing the coherence and consistency of the international monetary, financial and trading systems in support of development.

Doha Declaration on Financing for Development was a follow up of the Monterrey Consensus, held in 2008.