## _101312

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---

### I. THE GLOBAL ECONOMY
- Developments
  - The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects.
  - Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.
  - Activity in the advanced economies decelerated notably amid intensification of the crisis in the euro area and continued fiscal consolidation and balance sheet repair.
  - Financial conditions in the euro area remain fragile with significant financial fragmentation having taken place.
  - Growth in many emerging market economies has also weakened, notably in China, Brazil, and India.
  - Low-Income Countries (LICs) have held up relatively well but face intensified pressures of adverse spillovers.
  - Falling non-food commodity prices as the global economy slows together with spikes in some food prices due to supply shocks add an extra burden to many countries, particularly LICs and some countries in the Middle East.

- Policy record
  - Membership actions
    - Augmented Fund resources—both GRA and PRGT—and followed through on the 2010 governance reforms.
    - Most members have maintained accommodative monetary stances.
    - Less progress on design and implementation of fiscal consolidation strategies and structural reforms; only limited support for Arab Countries in Transition.
  - Regional and country updates
    - Euro area: ECB’s Outright Monetary Transactions; EFSF financial assistance to Spain of up to €100bn for recapitalization of banks; work on a banking union has been initiated; ESM could be allowed to recapitalize banks.
    - U.S.: following ‘‘Operation Twist’’ a third round of quantitative easing was launched and low interest rate guidance extended to mid-2015.
    - Japan: consumption tax rate is being doubled to 10 percent and asset purchases under quantitative easing were increased in size and extended to end-2013.
    - Brazil: several rounds of stimulus measures unveiled.
    - China: banking rates liberalized to advance financial sector reform and support growth.
    - India: policy liberalization announced to support growth.
  - Fund progress
    - Strengthened surveillance toolkit and mobilized resources to support adjustment.

- Remaining agenda / gaps
  - In the euro area, policy implementation remains insufficient to achieve the strong and balanced growth needed to secure debt sustainability and facilitate rebalancing.
  - In advanced economies, despite progress in reducing deficits, debt ratios and risks remain elevated; the US fiscal cliff and debt ceiling remain unresolved.
  - Larger emerging markets should do more on structural reforms; Arab countries in transition need adequate support.
  - Financial regulatory reform implementation is patchy and has yet to produce a safer set of financial structures.
  - For the Fund: finalize all bilateral borrowing arrangements; obtain approvals for use of windfall profits from gold sales to put the PRGT onto a sustainable footing; complete the 2010 quota and governance reform.

- Assessment
  - Projections for global activity in 2012 and 2013 are weaker than in the April WEO.
  - Downside risks: renewed euro area strains, the U.S. fiscal cliff and debt ceiling, and slowdown in large emerging market economies.
  - Intensification of fragmentation in the euro area implies rising costs to the financial sector and real economy for both core and periphery unless policymakers act proactively.
  - The Fund should employ the new program and surveillance toolkit to support membership in implementing immediate policy responses and strengthening the global architecture.

### II. SECURING THE RECOVERY
- Overarching aim
  - Collective action is needed to restore growth, address known vulnerabilities, and better position crisis bystanders to deal with adverse spillovers.

- Advanced economies — priorities and Fund role
  - Priorities
    - Remove uncertainty by reaching a common understanding over future policy paths and rapidly implement key measures.
    - Euro area: attenuate sovereign-bank feedback loops, facilitate market borrowing by sovereigns at sustainable interest rates, address fiscal and structural weaknesses.
    - ESM should quickly become operational and be used to directly support banking systems and sovereigns.
    - Develop a common vision for a more complete monetary union, with integrated financial and budgetary frameworks, to help reverse financial fragmentation.
    - U.S.: early action needed to avoid the fiscal cliff and raise the debt ceiling.
    - In the U.S., Japan, and some other advanced economies: anchor fiscal adjustment with concrete and ambitious medium-term consolidation plans designed in a pro-growth manner.
  - The Fund’s role
    - Assist in development and monitoring of well-designed and credible adjustment programs, including use of Fund resources, and a strengthened framework for debt sustainability analysis aimed at maintaining market access or paving the way for market re-entry.
    - Help forge a common understanding through analysis and advice on options for achieving a euro area-wide banking and fiscal union.
    - Continue to analyze the effectiveness of unconventional monetary policy, potential risks, possible spillovers, and potential exit strategies once the crisis abates.

- Emerging Market Economies (EMEs) — priorities and Fund role
  - Priorities
    - Identify policy options to respond to slowing domestic activity without triggering asset price bubbles, rapidly increasing leverage, jeopardizing fiscal positions, or creating adverse spillovers.
    - Strengthen macroprudential frameworks to manage credit cycle and capital flows related vulnerabilities, while supporting domestic capital market development.
    - Pre-emptively prepare for adverse shocks by identifying countercyclical measures and securing contingent financing.
    - Vulnerable countries and crisis bystanders should seek assistance before they lose market access.
  - The Fund’s role
    - Engage on policy options to deal with key macroeconomic challenges presented by volatile capital flows, and on calibration of policies to support growth and employment while avoiding over-stimulation.
    - Assist crisis bystanders to develop strong policy frameworks supported through precautionary or disbursing arrangements—SBAs or FCL/PLL—as appropriate.
    - Consider options for strengthening Fund engagement with small states.
    - Enhance the global financial safety net by clarifying relations and arrangements for collaboration with regional financing arrangements (RFAs).

- Low-income countries (LICs) — priorities and Fund role
  - Priorities
    - Rebuild policy buffers where growth remains buoyant.
    - Use existing buffers prudently if external demand falls sharply; official external financing likely needed for countries facing severe financing constraints.
  - The Fund’s role
    - Sustain intensive policy support and, where appropriate, financing to help LICs weather the adverse external environment.
    - Enhance capacity building support for LICs, including advice on natural resource management, sustainable financial deepening, and strategies to support inclusive growth and lower debt vulnerabilities.

- Middle East and North Africa (MENA) — challenges, priorities, and Fund role
  - Challenges
    - Social instability and political uncertainties; depleted fiscal and reserve buffers; weaker terms of trade; extensive food and petroleum subsidies; lower remittances; economic fallout from conflicts.
  - Policy priorities
    - Maintain macroeconomic and social stability while limiting risks from imbalances.
    - Define structural policy agenda to restore investor confidence and promote high and inclusive growth.
    - Secure commitments from international partners for official financial assistance to support transitions.
  - The Fund’s role
    - Current: Financial support to Jordan, Morocco and Yemen; ongoing discussions with Egypt; additional capacity building programs in Libya and Tunisia.
    - Ongoing: Sustain engagement via financing, policy advice, and capacity building.
    - Future: Advise on structural reforms to promote inclusive growth and design efficient policy options to achieve social objectives rather than reliance on untargeted and inefficient subsidies.

### III. ANCHORING THE FUTURE
- Overarching priorities
  - Articulate credible policy frameworks now to remove uncertainty and support recovery.
  - Many countries have very high levels of debt that could circumscribe policy space for many years; financial sector incentives and regulation may need rethinking; growth models refined to deliver employment.
  - The Fund’s revamped toolkit provides flexibility for a lead role in addressing these issues.

- Strengthening financial systems — priorities and Fund actions
  - Priorities
    - Full, timely, and consistent implementation of the regulatory reform agenda by national authorities to avoid fragmentation.
    - Make progress on implementing an effective cross-border resolution regime.
    - Close data gaps and implement data reporting and sharing for G-SIFIs with the official sector.
    - Promote financial deepening, including in emerging market and LICs.
  - The Fund’s Financial Surveillance Strategy
    - Upgrade and integrate instruments and products of financial surveillance to facilitate early identification and response to systemic risk, including across borders, and make bank funding models more robust.
    - Close gaps in policy analysis on macro-financial issues and design of macroprudential tools.
    - Work to fill data gaps, such as through the G-20/IMFC Data Gaps Initiative.
    - Support members diagnose and address financial sector challenges via bilateral consultations and the Financial Sector Assessment Program.
    - Engage with stakeholders as a global facilitator on macroprudential policy and contribute to design and evenhanded, consistent, and full implementation of the global regulatory reform agenda.

- High debt — priorities and Fund actions
  - Priorities
    - Articulate and enact credible medium-term fiscal strategies to gradually bring down debt ratios—public and private—and associated vulnerabilities.
    - Where financing conditions allow, fiscal adjustment should occur at a steady underlying pace that avoids front-loading.
  - The Fund can assist by
    - Developing fiscal policy options to achieve medium-term fiscal objectives, including growth and distributional implications and challenges imposed by ageing populations.
    - Strengthening public and private debt sustainability analysis and improving understanding of links between financial sector risk and sovereign risk.
    - Advising on effective and sustainable options for reducing subsidies.
    - Assisting in strengthening fiscal institutions to ensure better decision-making and more efficient use of resources.

- Growth and jobs — priorities and Fund actions
  - Priorities
    - Address very high unemployment rates, particularly among youth in Europe and the Middle East.
    - Foster an enabling environment for private sector growth, including through action in factor and product markets.
    - Design clear medium-term policy strategies to emerge from legacy issues to remove policy uncertainty and support potential growth.
  - The Fund can assist by
    - Advising on growth-friendly adjustment strategies to minimize employment impact during fiscal consolidation, e.g., better targeting social support and reforming taxes.
    - Conducting deeper analysis, in collaboration with the World Bank and other institutions, of growth and employment consequences of policy actions.

### Imbalances and governance (Section 2)
- Imbalances and policy priorities
  - Imbalances are likely to widen again as the recovery takes hold unless major global players address underlying causes and mitigate the risk of outward spillovers.
  - Priorities include:
    - In deficit countries, fiscal positions, which are distorting current accounts in many countries around the world, need to durably improve.
    - But the world cannot devalue its way out of its problems. It is therefore equally important that policies to strengthen domestic sources of growth are decisively implemented in surplus countries.

- How the Fund can assist
  - Analyzing policy spillovers and the multilateral consistency of national policies to allow a better discussion of the pros and cons of alternative policy options;
  - Using the Pilot External Sector Report to examine global policy consistency as well as external sustainability;
  - Using the Integrated Surveillance Decision to engage members during bilateral consultations on the impact of their policies on other countries, through interconnected financial and trade systems; and
  - Continuing work on improving the functioning of the international monetary system to facilitate adjustment and support for countries suffering adverse shocks.

- Addressing the governance deficit
  - Quota and governance reform. This ongoing process is essential to ensure the legitimacy of the Fund. Since the start of the reforms in 2006, the aim has been to realign quotas to better reflect members’ relative positions in the global economy while preserving the voice and representation of the poorest members.

- Agreed reforms
  - The 2010 quota and governance reforms included a doubling in quota resources, a substantial shift in quota shares, and accelerating the next stage in governance reforms.
  - Once effective, the quota share of dynamic emerging and developing countries will have increased by 9 percentage points, and a shift of quotas from over- to under-represented countries by 8.5 percentage points, compared to when the reform process began. The voice and representation of the poorest members has been protected.
  - The reforms included a historic Board Reform Amendment that will make the Fund the first international financial institution to have an all-elected Executive Board. The number of advanced European chairs will also be reduced by two.
  - To better align quotas with members’ relative positions in the global economy, a comprehensive review of the quota formula is to be completed by January 2013 and the timetable for the 15th General Review of Quotas brought forward to January 2014.

- Implementation status: Very good progress
  - The required consents to the quota increase have been received, but the increase will only become effective once the Board Reform Amendment has been accepted.
  - Acceptances of the Board Reform Amendment have been received from the required number of members, but approval remains short of the required voting power.
  - Progress is also being made on changes in constituency composition, which will help realign the Board, even ahead of the passage of the Board Reform Amendment.

- Agenda
  - Expeditious implementation of the 2010 quota and governance reform is critical.
  - Discussions are also underway on a comprehensive quota formula review, with progress in some areas but divergent views in several important ones. Compromises will be needed if the January 2013 deadline is to be met.

- Diversity
  - Promoting the diversity of IMF staff is a key component of enhancing the Fund’s legitimacy.
  - Good progress is being made, including increasing staff from under-represented regions—reflecting the senior staff Diversity Hiring Initiative and stepped up recruitment efforts.
  - Various dimensions of diversity are monitored in an annual Diversity Report.

*Source: MANAGING DIRECTOR’S GLOBAL POLICY AGENDA, IMFC, October 2012 (Section 1) and _101312 - Section 2.*

### Section 1

### MANAGING DIRECTOR’S GLOBAL POLICY AGENDA 
IMFC, October 2012

### I. THE GLOBAL ECONOMY
- Developments
  - The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects.
  - Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.
  - Activity in the advanced economies decelerated notably amid intensification of the crisis in the euro area and continued fiscal consolidation and balance sheet repair.
  - Financial conditions in the euro area remain fragile with significant financial fragmentation having taken place.
  - Growth in many emerging market economies has also weakened, notably in China, Brazil, and India.
  - Low-Income Countries (LICs) have held up relatively well but face intensified pressures of adverse spillovers.
  - Falling non-food commodity prices as the global economy slows together with spikes in some food prices due to supply shocks add an extra burden to many countries, particularly LICs and some countries in the Middle East.
- Policy record
  - Membership actions
    - Augmented Fund resources—both GRA and PRGT—and followed through on the 2010 governance reforms.
    - Most members have maintained accommodative monetary stances.
    - Less progress on design and implementation of fiscal consolidation strategies and structural reforms; only limited support for Arab Countries in Transition.
  - Regional and country updates
    - Euro area: ECB’s Outright Monetary Transactions; EFSF financial assistance to Spain of up to €100bn for recapitalization of banks; work on a banking union has been initiated; ESM could be allowed to recapitalize banks.
    - U.S.: following ‘‘Operation Twist’’ a third round of quantitative easing was launched and low interest rate guidance extended to mid-2015.
    - Japan: consumption tax rate is being doubled to 10 percent and asset purchases under quantitative easing were increased in size and extended to end-2013.
    - Brazil: several rounds of stimulus measures unveiled.
    - China: banking rates liberalized to advance financial sector reform and support growth.
    - India: policy liberalization announced to support growth.
  - Fund progress
    - Strengthened surveillance toolkit and mobilized resources to support adjustment.
- Remaining agenda / gaps
  - In the euro area, policy implementation remains insufficient to achieve the strong and balanced growth needed to secure debt sustainability and facilitate rebalancing.
  - In advanced economies, despite progress in reducing deficits, debt ratios and risks remain elevated; the US fiscal cliff and debt ceiling remain unresolved.
  - Larger emerging markets should do more on structural reforms; Arab countries in transition need adequate support.
  - Financial regulatory reform implementation is patchy and has yet to produce a safer set of financial structures.
  - For the Fund: finalize all bilateral borrowing arrangements; obtain approvals for use of windfall profits from gold sales to put the PRGT onto a sustainable footing; complete the 2010 quota and governance reform.
- Assessment
  - Projections for global activity in 2012 and 2013 are weaker than in the April WEO.
  - Downside risks: renewed euro area strains, the U.S. fiscal cliff and debt ceiling, and slowdown in large emerging market economies.
  - Intensification of fragmentation in the euro area implies rising costs to the financial sector and real economy for both core and periphery unless policymakers act proactively.
  - The Fund should employ the new program and surveillance toolkit to support membership in implementing immediate policy responses and strengthening the global architecture.

### II. SECURING THE RECOVERY
- Overarching aim
  - Collective action is needed to restore growth, address known vulnerabilities, and better position crisis bystanders to deal with adverse spillovers.
- Advanced economies — priorities and Fund role
  - Priorities
    - Remove uncertainty by reaching a common understanding over future policy paths and rapidly implement key measures.
    - Euro area: attenuate sovereign-bank feedback loops, facilitate market borrowing by sovereigns at sustainable interest rates, address fiscal and structural weaknesses.
    - ESM should quickly become operational and be used to directly support banking systems and sovereigns.
    - Develop a common vision for a more complete monetary union, with integrated financial and budgetary frameworks, to help reverse financial fragmentation.
    - U.S.: early action needed to avoid the fiscal cliff and raise the debt ceiling.
    - In the U.S., Japan, and some other advanced economies: anchor fiscal adjustment with concrete and ambitious medium-term consolidation plans designed in a pro-growth manner.
  - The Fund’s role
    - Assist in development and monitoring of well-designed and credible adjustment programs, including use of Fund resources, and a strengthened framework for debt sustainability analysis aimed at maintaining market access or paving the way for market re-entry.
    - Help forge a common understanding through analysis and advice on options for achieving a euro area-wide banking and fiscal union.
    - Continue to analyze the effectiveness of unconventional monetary policy, potential risks, possible spillovers, and potential exit strategies once the crisis abates.
- Emerging Market Economies (EMEs) — priorities and Fund role
  - Priorities
    - Identify policy options to respond to slowing domestic activity without triggering asset price bubbles, rapidly increasing leverage, jeopardizing fiscal positions, or creating adverse spillovers.
    - Strengthen macroprudential frameworks to manage credit cycle and capital flows related vulnerabilities, while supporting domestic capital market development.
    - Pre-emptively prepare for adverse shocks by identifying countercyclical measures and securing contingent financing.
    - Vulnerable countries and crisis bystanders should seek assistance before they lose market access.
  - The Fund’s role
    - Engage on policy options to deal with key macroeconomic challenges presented by volatile capital flows, and on calibration of policies to support growth and employment while avoiding over-stimulation.
    - Assist crisis bystanders to develop strong policy frameworks supported through precautionary or disbursing arrangements—SBAs or FCL/PLL—as appropriate.
    - Consider options for strengthening Fund engagement with small states.
    - Enhance the global financial safety net by clarifying relations and arrangements for collaboration with regional financing arrangements (RFAs).
- Low-income countries (LICs) — priorities and Fund role
  - Priorities
    - Rebuild policy buffers where growth remains buoyant.
    - Use existing buffers prudently if external demand falls sharply; official external financing likely needed for countries facing severe financing constraints.
  - The Fund’s role
    - Sustain intensive policy support and, where appropriate, financing to help LICs weather the adverse external environment.
    - Enhance capacity building support for LICs, including advice on natural resource management, sustainable financial deepening, and strategies to support inclusive growth and lower debt vulnerabilities.
- Middle East and North Africa (MENA) — challenges, priorities, and Fund role
  - Challenges
    - Social instability and political uncertainties; depleted fiscal and reserve buffers; weaker terms of trade; extensive food and petroleum subsidies; lower remittances; economic fallout from conflicts.
  - Policy priorities
    - Maintain macroeconomic and social stability while limiting risks from imbalances.
    - Define structural policy agenda to restore investor confidence and promote high and inclusive growth.
    - Secure commitments from international partners for official financial assistance to support transitions.
  - The Fund’s role
    - Current: Financial support to Jordan, Morocco and Yemen; ongoing discussions with Egypt; additional capacity building programs in Libya and Tunisia.
    - Ongoing: Sustain engagement via financing, policy advice, and capacity building.
    - Future: Advise on structural reforms to promote inclusive growth and design efficient policy options to achieve social objectives rather than reliance on untargeted and inefficient subsidies.

### III. ANCHORING THE FUTURE
- Overarching priorities
  - Articulate credible policy frameworks now to remove uncertainty and support recovery.
  - Many countries have very high levels of debt that could circumscribe policy space for many years; financial sector incentives and regulation may need rethinking; growth models refined to deliver employment.
  - The Fund’s revamped toolkit provides flexibility for a lead role in addressing these issues.
- Strengthening financial systems — priorities and Fund actions
  - Priorities
    - Full, timely, and consistent implementation of the regulatory reform agenda by national authorities to avoid fragmentation.
    - Make progress on implementing an effective cross-border resolution regime.
    - Close data gaps and implement data reporting and sharing for G-SIFIs with the official sector.
    - Promote financial deepening, including in emerging market and LICs.
  - The Fund’s Financial Surveillance Strategy
    - Upgrade and integrate instruments and products of financial surveillance to facilitate early identification and response to systemic risk, including across borders, and make bank funding models more robust.
    - Close gaps in policy analysis on macro-financial issues and design of macroprudential tools.
    - Work to fill data gaps, such as through the G-20/IMFC Data Gaps Initiative.
    - Support members diagnose and address financial sector challenges via bilateral consultations and the Financial Sector Assessment Program.
    - Engage with stakeholders as a global facilitator on macroprudential policy and contribute to design and evenhanded, consistent, and full implementation of the global regulatory reform agenda.
- High debt — priorities and Fund actions
  - Priorities
    - Articulate and enact credible medium-term fiscal strategies to gradually bring down debt ratios—public and private—and associated vulnerabilities.
    - Where financing conditions allow, fiscal adjustment should occur at a steady underlying pace that avoids front-loading.
  - The Fund can assist by
    - Developing fiscal policy options to achieve medium-term fiscal objectives, including growth and distributional implications and challenges imposed by ageing populations.
    - Strengthening public and private debt sustainability analysis and improving understanding of links between financial sector risk and sovereign risk.
    - Advising on effective and sustainable options for reducing subsidies.
    - Assisting in strengthening fiscal institutions to ensure better decision-making and more efficient use of resources.
- Growth and jobs — priorities and Fund actions
  - Priorities
    - Address very high unemployment rates, particularly among youth in Europe and the Middle East.
    - Foster an enabling environment for private sector growth, including through action in factor and product markets.
    - Design clear medium-term policy strategies to emerge from legacy issues to remove policy uncertainty and support potential growth.
  - The Fund can assist by
    - Advising on growth-friendly adjustment strategies to minimize employment impact during fiscal consolidation, e.g., better targeting social support and reforming taxes.
    - Conducting deeper analysis, in collaboration with the World Bank and other institutions, of growth and employment consequences of policy actions.

*Source: MANAGING DIRECTOR’S GLOBAL POLICY AGENDA, IMFC, October 2012 (Section 1).*

### Section 2

### _101312 - Section 2

### Imbalances and policy priorities
- Imbalances are likely to widen again as the recovery takes hold unless major global players address underlying causes and mitigate the risk of outward spillovers.
- Priorities include:
  - In deficit countries, fiscal positions, which are distorting current accounts in many countries around the world, need to durably improve.
  - But the world cannot devalue its way out of its problems. It is therefore equally important that policies to strengthen domestic sources of growth are decisively implemented in surplus countries.

### How the Fund can assist
- Analyzing policy spillovers and the multilateral consistency of national policies to allow a better discussion of the pros and cons of alternative policy options;
- Using the Pilot External Sector Report to examine global policy consistency as well as external sustainability;
- Using the Integrated Surveillance Decision to engage members during bilateral consultations on the impact of their policies on other countries, through interconnected financial and trade systems; and
- Continuing work on improving the functioning of the international monetary system to facilitate adjustment and support for countries suffering adverse shocks.

### Addressing the governance deficit
- Quota and governance reform. This ongoing process is essential to ensure the legitimacy of the Fund. Since the start of the reforms in 2006, the aim has been to realign quotas to better reflect members’ relative positions in the global economy while preserving the voice and representation of the poorest members.

### Agreed reforms
- The 2010 quota and governance reforms included a doubling in quota resources, a substantial shift in quota shares, and accelerating the next stage in governance reforms.
- Once effective, the quota share of dynamic emerging and developing countries will have increased by 9 percentage points, and a shift of quotas from over- to under-represented countries by 8.5 percentage points, compared to when the reform process began. The voice and representation of the poorest members has been protected.
- The reforms included a historic Board Reform Amendment that will make the Fund the first international financial institution to have an all-elected Executive Board. The number of advanced European chairs will also be reduced by two.
- To better align quotas with members’ relative positions in the global economy, a comprehensive review of the quota formula is to be completed by January 2013 and the timetable for the 15th General Review of Quotas brought forward to January 2014.

### Implementation status: Very good progress
- The required consents to the quota increase have been received, but the increase will only become effective once the Board Reform Amendment has been accepted.
- Acceptances of the Board Reform Amendment have been received from the required number of members, but approval remains short of the required voting power.
- Progress is also being made on changes in constituency composition, which will help realign the Board, even ahead of the passage of the Board Reform Amendment.

### Agenda
- Expeditious implementation of the 2010 quota and governance reform is critical.
- Discussions are also underway on a comprehensive quota formula review, with progress in some areas but divergent views in several important ones. Compromises will be needed if the January 2013 deadline is to be met.

### Diversity
- Promoting the diversity of IMF staff is a key component of enhancing the Fund’s legitimacy.
- Good progress is being made, including increasing staff from under-represented regions—reflecting the senior staff Diversity Hiring Initiative and stepped up recruitment efforts.
- Various dimensions of diversity are monitored in an annual Diversity Report.

*Source: _101312 - Section 2*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_101312.pdf_