Press Release No. 98/64

Press Release: IMF Grants Observer Status to the European Central Bank

December 22, 1998

The International Monetary Fund (IMF) has granted observer status to the European Central Bank (ECB) effective January 1, 1999. Under a decision adopted by the IMF’s Executive Board, the ECB will be invited to send a representative to Executive Board meetings on:

• IMF surveillance under Article IV over the common monetary and exchange rate policies of the euro-area;
• IMF surveillance under Article IV over the policies of individual euro-area members;
• The role of the euro in the international monetary system;
• The World Economic Outlook;
• International capital markets reports; and
• World economic and market developments.;

In addition, the ECB will be invited to send a representative to Executive Board meetings on agenda items recognized by the ECB and the IMF to be of mutual interest for the performance of their mandates. At Executive Board meetings, the ECB representative will have the status of observer.