Public Information Notice: IMF Executive Board Reviews the Fundís Surveillance, August 24, 2004

Public Information Notice: Strengthening Surveillance—Further Considerations, September 10, 2003

Public Information Notice: IMF Executive Board Reviews the Fund's Surveillance, April 18, 2002

Biennial Review of the Implementation of the Fund's Surveillance and of the 1977 Surveillance Decision—Overview, March 13, 2002

IMF Surveillance
A Factsheet

Evaluation of IMF Work




Biennial Review of the Implementation of the Fund's Surveillance and of the 1977 Surveillance Decision—Overview, Modalities of Surveillance, Content of Surveillance, and Public Information Notice on the Executive Board Discussion
August 24, 2004

Use the free Adobe Acrobat Reader to view the full text (956 kb).

The views expressed in these papers are those of the staff and do not necessarily reflect the views of the Executive Board of the IMF. The Executive Board's assessment is summarized in the Public Information Notice. Some country-specific or market-sensitive information may have been deleted, as allowed by the IMF's publication policy.

ContentsGo to top of page Overview
Modalities of Surveillance
Content of Surveillance
Public Information Notice on the Executive Board Discussion
Go to top of page Overview (pdf file, 956 kb)
  1. Introduction
  1. Purposes and Organization of Surveillance
  1. Objectives and Methodology of the Review
  1. Focus and Quality of Analysis
    1. Focus
    2. Quality
          Depth of coverage
          Freshness of perspective
  1. Policy Dialogue
    1. Dialogue in Bilateral Surveillance
    2. Modalities of Surveillance in Currency Unions
  1. Communication and Signaling
    1. Communication
    2. Monitoring and Signaling
  1. Assessing Effectiveness
  1. Use of Staff Resources
    1. Recent Trends
    2. Resource Implications of the Review's Proposals
  1. Issues for Discussion
Appendix
1977 Surveillance Decision

Go to top of page Modalities of Surveillance (pdf file, 956 kb)

  1. Introduction
  1. Modalities to Enhance the Effectiveness of Surveillance
    1. Introduction
    1. Background: Purposes and Organization of Surveillance
    1. Assessing Effectiveness in Surveillance: Methodological Issues
    1. Analytical Quality and Focus of the Fund's Policy Advice
          Views of outreach participants
          Sharpening the focus of consultations
          Streamlining formal requirements
    1. Quality of the Policy Dialogue with National Authorities
          Views of outreach participants
          Enhancing the quality of the policy dialogue
          Managing staff turnover
    1. Effectiveness in Communication
      Views of outreach participants
          Better dissemination of the findings of Article IV consultations
          Candor and transparency
    1. Overall Impact of Surveillance
          Views of outreach participants
          Assessing effectiveness of the context of individual consultations
          The way forward
    1. Conclusions

    1. Modalities for More Intensive Surveillance
      1. Experience with More Intensive Surveillance
      2. Issues in the Design of Structured Modalities for Intensive Surveillance

    1. Modalities of Regional Surveillance
      1. Surveillance of Currency Unions
            Surveillance of the euro area
            Surveillance of other currency unions
      1. Other Regional Surveillance

    1. Use of Staff Resources in Surveillance
      1. Use of Staff Resources in Surveillance: Recent Trends
      2. Resource Implications of the Present Review

    Tables
    1. Surveillance and Related Involvement
    2. Staff Resources Devoted to Surveillance and Related Activities
    3. Estimated Staff Resource Requirements of the Proposals Included in this Review
    4. Total Estimated Resource Requirements
    5. Estimated Additional Travel Expenses

    Boxes
    1. Assessment Methodologies
    2. Outreach on Modalities and Effectiveness of Surveillance
    3. Increased Media Coverage of Surveillance Documents: Recent Examples from Germany and the United States
    4. Diversity of Effective Surveillance: Some Country Examples
    5. Existing and Proposed Procedures for More Intensive Surveillance

    Figures
    1. The Fund's Bilateral Surveillance Process
    2. Average Turnover and Mission Size in Non Program Countries
    3. Staff Resources Devoted to Surveillance
    4. Distribution of Fund Employment
    5. Staff Years Used in Surveillance, By Country Group

    Appendices
    1. The Legal Basis for Surveillance Under Article IV
    2. Surveys and Interviews of Outside Participants on the Effectiveness of Fund Surveillance
    3. Modalities of Surveillance: Results of Staff Survey and Review of Staff Reports
    4. Guidance Notes Pertaining to Article IV Consultations and Reports—A Synopsis
    5. Tables

    Go to top of pageContent of Surveillance (pdf file, 956 kb)

    1. Introduction

    1. Coverage and Content of Fund Surveillance
      1. Introduction
      2. Coverage
            General considerations
            Coverage of surveillance in program countries
           Coverage of surveillance in low-income countries
      3. Content
            Financial sector issues
            Trade policy
            Social sector developments and policies
            Assessing vulnerabilities
      4. Conclusions and Recommendations

    1. Selected Issues in Fund Surveillance
      1. Global and Regional Spillovers
            Global spillovers
            Surveillance of the G-3
            Regional spillovers
            Conclusions and recommendations
      2. Exchange Rate Analysis
            Research findings
            Board guidance
            Review of Article IV consultation reports
            Conclusions and recommendations
      3. Balance Sheet Analysis
            Review of recent Article IV staff reports
            Conclusions and recommendations
      4. Institutional Underpinnings of Growth     Introduction
            Institutions
            Investment climate
            Governance
            Conclusions and recommendations

References

Boxes
1. Focused Reports, Flexible Approach—Positive Examples
2. Taking Stock of Past Policy Developments in Program Countries—Positive Examples
3. Examples of References to PRSPs in Article IV Reports
4. Coverage of Vulnerability Assessments in Article IV Reports—Positive Examples
5. WEO Report and GFSR Themes
6. Global Impact of the Trade Policies of the "Quad"
7. Regional Spillovers in the Southern Cone
8. A Case Study of Coverage of Regional Spillovers—China's Changing Role
9. Coverage of Balance Sheet Issues in Article IV Reports—Positive Examples
10. Selected Definitions of Institutions, Investment Climate, and Governance
11. Governance in Natural Resource Exporting Countries
12. Follow-up of Implementation of the OECD Anti-Foreign Bribery Convention
13. Additional Analysis of the Coverage of Governance Issues in Surveillance

Tables
1. Coverage of Specific Topics in Article IV Staff Reports for Program Countries
2. Coverage of Financial Sector Issues
3. Key Determinants of the Investment Climate

Appendix
Review of Article IV Consultation Documents—Country Coverage and Questionnaire

Go to top of pagePublic Information Notice on the Executive Board Discussion (pdf file, 956 kb)