|Summary:This paper is part of a broader on-going effort to bring a more cross-country
perspective to bilateral surveillance, taking advantage of a cluster of Article IV
consultations with five systemically important economies concluded in July. With
the five economies—the United States, the Euro area, China, Japan, and the United
Kingdom—accounting for two-thirds of global output and three quarters of capital
flows, the nature of linkages and consistency of policy responses across the systemic five (S5) has important implications for the world economy.