EconStor >
Bank of Canada, Ottawa >
Bank of Canada Working Papers >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/53839
  
Title:A vision for IMF surveillance PDF Logo
Authors:Lavigne, Robert
Maier, Philipp
Santor, Eric
Issue Date:2007
Series/Report no.:Bank of Canada Working Paper 2007,37
Abstract: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.
Subjects:International topics
Financial stability
JEL:F33
Document Type:Working Paper
Appears in Collections:Bank of Canada Working Papers

Files in This Item:
File Description SizeFormat
534785190.pdf349.43 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/53839

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.