Policy Papers

The Fund has the responsibility to ensure the effective operation of the international monetary system, thereby promoting economic and financial stability and growth. The recent crisis was a reminder that these goals are best served by Fund surveillance that seeks to ensure that members’ financial systems are properly regulated and supervised, and maintain the right balance between dynamism and stability.

The recent Triennial Surveillance Review (TSR) called for a report on the key elements of the Fund’s strategy in this area. This call was particularly timely in view of the profound changes in the international financial landscape and policy agenda since the crisis, notably the significant multilateral commitments to financial reform and the emergence of important new global actors, such as the G-20 and the Financial Stability Board (FSB).

This paper represents a stocktaking and statement of the Fund’s current financial surveillance work agenda and priorities, in order to solicit input from the IMFC and other stakeholders in preparing such a strategy. It is intended, moreover, to provide a basis for the Fund to cooperate with and contribute to the work of other global actors, building on the Fund’s broader mandate and membership and leveraging its comparative advantages.