2011 Triennial Surveillance Review - External Study - IMF and Global Financial Stability
Policy Papers, July 25, 2011
Source details
- Canonical URL
- 2011 Triennial Surveillance Review - External Study - IMF and Global Financial Stability
Other formats
Bibliographic details
- Published: July 25, 2011
- Series: Policy Papers
Purpose and scope
- External study prepared by John Palmer, Chair, Toronto Leadership Centre, former Superintendent, Office of the Superintendent of Financial Institutions, Canada, former Deputy Managing Director Monetary Authority of Singapore, former Canadian Managing Partner of KPMG and Yoke Wang Tok, Former Senior Advisor to the IMF Executive Director representing ASEAN, Nepal, Fiji and Tonga and former Principal Economist, Monetary Authority of Singapore.
- Aim: to provide an independent view of how the Fund is discharging its multilateral surveillance responsibilities, in particular its contribution to global financial stability and crisis prevention, working in coordination with other relevant international groupings/institutions such as the FSB and BIS.
- Context: Assessment conducted as “we emerge from the global financial crisis (GFC),” noting that the Fund has “regained much of its credibility and relevance.”
Key findings and analysis
- The GFC “caught many, including the IMF, by surprise.”
- Since the GFC, the Fund has undertaken:
- “considerable self-analysis”
- “active steps to strengthen its surveillance and policy advice”
- efforts “to improve traction with policy makers.”
- Reference to the IEO report: identified “various shortcomings that needed to be addressed,” including:
- “the inability of the Fund to connect-the dots”
- “to deliver hard-hitting messages”
- “the difficulty experienced by the Fund in thinking beyond mainstream/official views.”
- The authors state: “Many of the IEO’s findings have relevance to this review.”
Implications for multilateral surveillance and financial stability
- Emphasis on coordination with other international groupings/institutions such as the FSB and BIS for crisis prevention and global financial stability.
- Implicit priority areas based on findings:
- Strengthening the Fund’s ability to “connect-the dots.”
- Enhancing willingness and capacity “to deliver hard-hitting messages.”
- Broader analytical frameworks to move “beyond mainstream/official views.”
- Continued self-analysis and reforms to “strengthen its surveillance and policy advice” and to “improve traction with policy makers.”
Content in this bundle
- Executive Summary