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Strengthening IMF Surveillance: An Assessment of Recent Reforms

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  • Robert Lavigne
  • Lawrence L. Schembri

Abstract

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.

Suggested Citation

  • Robert Lavigne & Lawrence L. Schembri, 2009. "Strengthening IMF Surveillance: An Assessment of Recent Reforms," Discussion Papers 09-10, Bank of Canada.
    • Handle: RePEc:bca:bocadp:09-10
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    References listed on IDEAS

    as
    1. International Monetary Fund, 2007. "Republic of Uzbekistan: 2006 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Uzbekistan," IMF Staff Country Reports 2007/133, International Monetary Fund.
    2. Garima Vasishtha & Robert Lavigne, 2010. "Assessing the implementation of the IMF’s 2007 surveillance decision," The Review of International Organizations, Springer, vol. 5(1), pages 27-52, March.
    3. C. Randall Henning, 2008. "Accountability and Oversight of US Exchange Rate Policy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4198, October.
    4. Eric Santor, 2006. "Governance and the IMF: Does the Fund Follow Corporate Best Practice?," Staff Working Papers 06-32, Bank of Canada.
    5. Philipp Maier & Eric Santor, 2008. "Reforming the IMF: Lessons from Modern Central Banking," Discussion Papers 08-6, Bank of Canada.
    6. Robert Lavigne & Philipp Maier & Eric Santor, 2007. "A Vision for IMF Surveillance," Staff Working Papers 07-37, Bank of Canada.
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    Cited by:

    1. Garima Vasishtha & Robert Lavigne, 2010. "Assessing the implementation of the IMF’s 2007 surveillance decision," The Review of International Organizations, Springer, vol. 5(1), pages 27-52, March.
    2. Olivier Gervais & Lawrence L. Schembri & Lena Suchanek, 2011. "External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies," Discussion Papers 11-5, Bank of Canada.
    3. Carlo Gola & Francesco Spadafora, 2009. "Financial Sector Surveillance and the IMF," IMF Working Papers 2009/247, International Monetary Fund.

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    More about this item

    Keywords

    International topics;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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