Standards and Codes: The Role of the IMF

Standards and codes are the “rules of the game” used when devising and implementing economic and financial policies. Countries that “play by the rules” tend to have better economic performance and greater financial stability, so it’s in their interest to abide by internationally recognized standards and codes.

The IMF’s and the World Bank’s work on standards and codes began after the emerging market crises of the 1990s. Later on, when the global financial crisis highlighted gaps and weaknesses, some standards and codes were revised or updated to reflect evolving international best practices. Periodic reviews of standards and codes seek to continually improve their effectiveness.