A contact group met late into the night on Monday to discuss financial issues. According to some participants, discussions focused primarily on financial mechanisms (Article 21, paragraphs 1 and 3) -- the same two paragraphs that dominated Monday afternoon's discussion in the Johnson-Sonko Group. While some delegates claimed that no progress was made, others admitted that there appears to be a willingness to explore new proposals. The EU continued to oppose the creation of a new fund, which the G-77 claimed was necessary for implementation. However, a new proposal was circulating in the corridors that would identify an existing organization to serve as a "Global Mechanism" to: monitor and evaluate the activities of financial mechanisms and identify existing bilateral and multilateral assistance programmes; facilitate the mobilization of adequate and timely assistance for affected country Parties; and provide advice on innovative methods of financing, sources of financial assistance and improving coordination. This proposal was expected to be the subject of further discussion during the Tuesday evening meeting of the Chair's Group.