Surveillance Reviews
2014 Triennial Surveillance Review
Last Updated: July 28, 2017
The IMF regularly reviews the effectiveness of how it monitors economic developments and provides policy advice across its 188 member countries and the global economy—a process known as "surveillance". The latest Triennial Surveillance Review was completed in September 2014. 
The review aims to enhance Fund surveillance by building on the major reforms to detect risks and spillovers that were implemented following the 2011 review. The IMF is also striving for "smarter" surveillance that adapts to emerging challenges—such as generating job-rich growth in the post-crisis world—and is based on a deeper understanding of country perspectives.
In this spirit, the review drew on a wide range of outside views from external experts and stakeholders, including policymakers in member countries and civil society. An independent External Advisory Group also provided extensive input and scrutiny.
The proposals emerging from this review focus on five priority areas: integrate and deepen risk and spillover analysis; mainstream macro-financial surveillance; increased attention to structural policies, including labor market issues; deliver cohesive and expert policy advice; and a client-focused approach, supported by clear and candid communication.
2014 Triennial Surveillance Review Documents
Managing Director’s Action Plan
Evidence Base
- Surveys of stakeholders and a consultation with Civil Society
- Staff review of IMF Surveillance products
- External Report on Interviews with stakeholders by Jack Boorman and Teresa Ter-Minassian
- Integrating Bilateral and Multilateral Surveillance on a Continuing Basis by Ken Rogoff
- Risks and spillovers by David Daokui Li and Paul Tucker
- Multilateral Surveillance – Ensuring a Focus on Key Risks to Global Stability by Malcolm Knight and Guillermo Ortiz
- Structural Policies by Alan Ahearne, Paul Acquah and Paul Collier
- Evenhandedness of Fund Surveillance by Mike Callaghan
- Background Studies by IMF Staff
Chapter I: Risks and spillovers
Chapter II Review of Fiscal policy advice
Chapter III: Scope of Surveillance in low-income countries
Chapter IV: Integrated Surveillance
Report of the External Advisory Group
External Commentaries
- Surveillance in a World of Volatile Capital Flows by Montek Singh Ahluwalia
- Crises, Shadows, and Surveillance by Paul Krugman
- Communication by Martin Wolf
