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Strengthening IMF Surveillance: An Assessment of Recent Reforms

  • Robert Lavigne
  • Lawrence Schembri

The authors assess the potential impact of recently approved reforms to International Monetary Fund (IMF) surveillance; namely, the "2007 Decision on Bilateral Surveillance Over Members' Policies" and the "Statement of Surveillance Priorities" (SSP). They conclude that these complementary reforms have the potential to create a comprehensive and coherent framework for IMF surveillance. If implemented properly, the reforms could strengthen the effectiveness of surveillance and thus enhance the IMF's ability to prevent crises and maintain a stable international financial system. Moreover, the impact of the reforms would be increased with a few refinements to the application of the 2007 Decision -- in particular, a focus on real exchange rate adjustment, rather than exchange rate misalignment -- and some evolutionary amendments to the SSP. In addition, surveillance reforms would be more effective if they were supported by changes to the surveillance review process and by governance reforms that enhance the IMF's accountability framework and improve member co-operation.

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File URL: http://www.bankofcanada.ca/en/res/dp/2009/dp09-10.pdf
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Paper provided by Bank of Canada in its series Discussion Papers with number 09-10.

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Length: 23 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:bca:bocadp:09-10
Contact details of provider: Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Phone: 613 782-8845
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Web page: http://www.bank-banque-canada.ca/

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  1. C. Randall Henning, 2008. "Accountability and Oversight of US Exchange Rate Policy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4198, December.
  2. Robert Lavigne & Philipp Maier & Eric Santor, 2007. "A Vision for IMF Surveillance," Working Papers 07-37, Bank of Canada.
  3. Eric Santor, 2006. "Governance and the IMF: Does the Fund Follow Corporate Best Practice?," Working Papers 06-32, Bank of Canada.
  4. Robert Lavigne & Garima Vasishtha, 2009. "Assessing the Implementation of the IMF's 2007 Surveillance Decision," Discussion Papers 09-6, Bank of Canada.
  5. Philipp Maier & Eirc Santor, 2008. "Reforming the IMF: Lessons from Modern Central Banking," Discussion Papers 08-6, Bank of Canada.
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