Press Release: IMF Executive Board Adopts Surveillance Priorities for 2008-2011
October 8, 2008Press Release No. 08/238
The Executive Board of the International Monetary Fund (IMF) has adopted a "Statement of Surveillance Priorities" (SSP), which lays out economic and operational priorities for IMF surveillance over the next three years.
Mr. Dominique Strauss-Kahn, Managing Director of the IMF, said, "I very much welcome the adoption by the Executive Board of the IMF's first Statement of Surveillance Priorities. This Statement comes at a particularly critical time for the global economy. It rightly identifies a clear set of priorities for our surveillance that are key to resolve the current financial crisis and return the global economy to an environment conducive to sustainable noninflationary growth. I look forward to working with the Board and our members towards achieving these priorities in the years ahead."
The SSP is designed to help the IMF deliver on its mandate to promote international monetary and financial stability and to lay a clear basis for monitoring and accountability. The economic priorities were selected drawing on recent discussions of the World Economic Outlook and Global Financial Stability Report. Operational priorities were identified in the context of a thorough internal review of surveillance (the 2008 Triennial Review of Surveillance), and are intended to guide the IMF's work in order to deliver better surveillance to members. The priorities may be revised if circumstances so warrant.
Progress toward these priorities will be assessed through regular reports from the Managing Director, and through more detailed assessment at the next review of surveillance.
Surveillance is a core activity of the IMF, involving the monitoring of national, regional, and global economies to assess whether policies are consistent not only with countries' own interest but also with the interest of the international community. The IMF fulfills this mandate through bilateral, regional, and multilateral surveillance. The main instrument of bilateral surveillance is consultations, normally held every year, with each member of the Fund in accordance with Article IV of its Articles of Agreement. The Executive Board reviews the implementation of the Fund's bilateral surveillance every three years.