The IMF Launches Consultations on the Role of the Special Drawing Right with External Advisory Group

IMF News, October 31, 2016

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Canonical URL: The IMF Launches Consultations on the Role of the Special Drawing Right with External Advisory Group

Press Release No. 16/474
Date: October 31, 2016
The IMF started discussions on the role of the Special Drawing Right (SDR) and its potential contribution to strengthen the international monetary system with an External Advisory Group (EAG).
The EAG will assess whether and how a broader role for the SDR could contribute to the smooth functioning of the international monetary system by helping address gaps or market failures.

Discussions—held via conference call—centered around identifying weaknesses in the international monetary system that the SDR could help address through any one of its three functions:
- (i) the official SDR, the reserve asset issued and administered by the IMF;
- (ii) SDR-denominated financial market instruments, which could be both issued and held by any parties; and
- (iii) the SDR as a unit of account.

The EAG was established by the IMF as it undertakes an assessment of whether and how a broader role for the SDR could contribute to the smooth functioning of the international monetary system.
The EAG is convened by Maurice Obstfeld, the Economic Counsellor and Director of Research at the International Monetary Fund.

Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements;
Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley;
Yiping Huang, Professor, National School of Development, China Center for Economic Research, Peking University;
Isabelle Laurent, Deputy Treasurer and Head of Funding, European Bank for Reconstruction and Development;
José Antonio Ocampo, Professor of Professional Practice in International and Public Affairs, Columbia University;
Hélène Rey, Professor of Economics, London Business School;
Zoeb Sachee, Head of Euro Government and SSA Trading, Citigroup;
Catherine Schenk, Professor of International Economic History, University of Glasgow;
Edwin Truman, Nonresident Senior Fellow, Peterson Institute for International Economics; and
Beatrice Weder di Mauro, Johannes Gutenberg Chair of International Macroeconomics, University of Mainz and Distinguished Fellow in residence, INSEAD Singapore.

International Monetary Fund