On the 3rd July 2002, a major Conference on Enhancing Private Capital Flows to Developing Countries in the New International Context was held in London; it was jointly organised by the Commonwealth Secretariat, the World Bank and the Commonwealth Business Council. The Conference brought together senior policy-makers and regulators from developing and developed countries, and from the international financial institutions, as well as senior representatives from the private sector and academia. The Conference had two main aims. The first was to analyse recent trends in private flows and their determinants, with a view to encouraging more and more stable flows, especially to low-income countries. The second was to evaluate progress on international financial reform, with a special emphasis on the perspective of developing countries. This synthesis of proceedings is prepared as an input for the Commonwealth Finance Ministers' meeting in London in September 2002. The following were the main issues discussed: Private Sector Involvement; Codes and Standards; Mobilising Private Capital Flows to Developing Countries; New Regulatory Developments: Basel II; Global Economic Governance and Developing Country Participation.