2008 Triennial Surveillance Review - Overview Paper

Policy Papers, February 9, 2008

Source details

Triennial surveillance review (TSR) conducted amid a major refocusing effort at the Fund.
Surveillance has "not been as effective as it should be," as documented in previous surveillance reviews and several IEO evaluations.
The TSR follows efforts since the 2004 review of bilateral surveillance (BSR) to enhance effectiveness.

Adoption of a new Surveillance Decision in 2007 as part of an overhaul of the policy framework.
Continued refocusing to deliver on the Managing Director’s vision of an institution:
- "more alert to emerging issues,"
- "more critical in its assessments (especially in good times),"
- "and more assertive in communicating its concerns."

Effectiveness gap: surveillance has fallen short of expectations despite prior reviews and evaluations.
Policy framework evolution: the 2007 Surveillance Decision represents a significant policy overhaul following the 2004 BSR.
Organizational refocusing: ongoing changes intended to sharpen the Fund’s comparative advantage and responsiveness to emerging risks.

Subject areas: Economic sectors; Exchange rate assessments; Exchange rates; Financial sector; Financial sector policy and analysis; Financial sector risk; Foreign exchange; Spillovers.
Keywords: country authorities; country official; Exchange rate assessments; Exchange rates; financial market; Financial sector; Financial sector risk; Global; market participant; participant survey respondent; Policy advice; policy recommendation; PP; refocusing exercise; Spillovers; staff report; subprime crisis.

2008 Triennial Surveillance Review—Overview Paper; September 2, 2008
- 2008 Triennial Surveillance Review—Overview Paper; September 2, 2008 (Markdown version)
- 2008 Triennial Surveillance Review—Overview Paper; September 2, 2008 (PDF)