A Vision for IMF Surveillance
Philipp Maier () and
Eric Santor ()
Staff Working Papers from Bank of Canada
The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re-examine the role, functions and governance of the Fund. In particular, the objective, scope and conduct of IMF surveillance have been identified as a key area for renewal. In this paper, we offer a new vision for IMF surveillance. There are two main parts to our proposal. First, we develop "Guidelines for Economic Policy Frameworks" that outline the objective and scope of surveillance. They delineate the benchmarks against which members economic policy frameworks can be assessed. The Guidelines also serve to clarify the principles under which surveillance is conducted, and reaffirm members' commitments to the surveillance process under their Article IV obligations. The second element of our proposal is a "Surveillance Remit". The Remit defines the aim of surveillance and the obligations of the Fund to pursue this goal. As such the Remit creates a mechanism to hold the Fund accountable. An important implication of the Remit is that it requires the Fund to become more independent in its day-to-day operations. In addition, we propose procedures for communicating surveillance and for assessing the Fund's conduct of surveillance. Taken together, the various elements reinforce each other, providing a clear role for the IMF, as well as its member countries, in the surveillance process. This principles-based approach can bolster the credibility and legitimacy of surveillance, and ultimately its effectiveness, to the benefit of all members.
Keywords: International topics; Financial stability (search for similar items in EconPapers)
JEL-codes: F33 (search for similar items in EconPapers)
Pages: 26 pages
New Economics Papers: this item is included in nep-cba
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bca:bocawp:07-37
Access Statistics for this paper
More papers in Staff Working Papers from Bank of Canada 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada. Contact information at EDIRC.
Bibliographic data for series maintained by ().