## 2021 Comprehensive Surveillance Review — Overview Paper

_Policy Papers, May 18, 2021_

## Source details

**Canonical URL:** [2021 Comprehensive Surveillance Review — Overview Paper](https://www.imf.org/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-overview-paper-460270)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-overview-paper-460270/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-overview-paper-460270/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-overview-paper-460270/bundle-manifest.json)

## Bibliographic details
- Published: May 18, 2021
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9781513578422.007

---

### Executive summary
- Fund surveillance needs to evolve to face the economic and financial challenges that will shape the global landscape for years to come.
- The paper first takes stock of the current economic and financial landscape.
- To better serve the membership in this context, Fund surveillance should be prioritized around four key priorities:
  - (i) confronting risks and uncertainties: policymakers will need to actively manage the risks of a highly uncertain outlook;
  - (ii) preempting and mitigating adverse spillovers: shifting patterns of global economic integration will bring about new channels for contagion and policy spillovers;
  - (iii) fostering economic sustainability: a broader understanding of sustainability to better account for the impact of economic and non-economic developments on stability; and
  - (iv) unified policy advice: better accounting for the trade-offs and synergies among different policy combinations in the face of limited policy space and overlapping priorities, tailored to country-specific circumstances.
- These priorities should further enhance the traction of Fund surveillance.

### Major themes and analytic focus
- Confronting risks and uncertainties
  - Emphasis on active management of risks stemming from a highly uncertain outlook.
- Preempting and mitigating adverse spillovers
  - Attention to shifting patterns of global economic integration that create new contagion and policy spillover channels.
- Fostering economic sustainability
  - Advocates a broader understanding of sustainability that incorporates the impact of economic and non-economic developments on stability.
- Unified policy advice
  - Calls for better accounting of trade-offs and synergies among different policy combinations, recognizing limited policy space and overlapping priorities, and tailoring advice to country-specific circumstances.

### Subjects and keywords covered
- Subjects: Climate change, COVID-19, Environment, Financial sector policy and analysis, Financial sector risk, Health, Income inequality, Monetary policy, National accounts, Political economy, Spillovers
- Keywords: Climate change, COVID-19, Financial sector risk, Fund surveillance, Global, IMF surveillance, Income inequality, policy advice, Policy reaction, Spillovers, surveillance activity

---

## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2021/english/ppea2021027.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2021/english/ppea2021027.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-overview-paper-460270_