Fund Surveillance Over Members of Currency Unions

Policy Papers, December 21, 2005

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Fund Surveillance Over Members of Currency Unions

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Bibliographic details

• Published: December 21, 2005
• Series: Policy Papers

Background and rationale

• Effective Fund surveillance over the members of currency unions entails discussions at the regional level.
• This requirement derives from the fact that currency union members have devolved responsibility for policy areas that are central to Fund surveillance, notably monetary and exchange rate policies, to regional institutions.
• Discussions have been held for some time with regional institutions in:
  • the euro area,
  • the Central African Economic and Monetary Union (CEMAC),
  • the Eastern Caribbean Currency Union (ECCU),
  • the West African Economic and Monetary Union (WAEMU).
• Only for the EU institutions responsible for euro area policies have these discussions been formalized as constituting an integral part of the Fund’s surveillance on the individual members of the currency union.

Findings from the 2004 biennial surveillance review

• At the conclusion of the 2004 biennial surveillance review, Directors called for formalization of discussions with regional institutions in the remaining currency unions: CEMAC, ECCU and WAEMU.

Purpose and scope of the policy paper

• This paper formalize the modalities of discussions with the regional institutions of these currency unions in the context of the Article IV consultations with the members of these currency unions.

Publication and metadata

• Publication title: Fund Surveillance Over Members of Currency Unions
• Publication date: December 21, 2005
• Format: Chicago (citation provided on landing page)
• Subjects: Central African Economic and Monetary Community; Eastern Caribbean Currency Union; Exchange rate policy surveillance; Lapse of time consideration; West African Economic and Monetary Union

Fund Surveillance Over Members of Currency Unions, December 21, 2005 (IMF web landing page).

Content in this bundle

• Fund Surveillance Over Members of Currency Unions, December 21, 2005
  • Fund Surveillance Over Members of Currency Unions, December 21, 2005 (Markdown version)
  • Fund Surveillance Over Members of Currency Unions, December 21, 2005 (PDF)