Selected Decisions and Selected Documents of the IMF, Thirty- Ninth Issue -- Surveillance over Monetary and Exchange Rate Policies: Members of Euro Area
Prepared by the Legal Department of the IMFAs updated as of March 31, 2017
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ARTICLE IV | ||||
Exchange Arrangements and Surveillance | ||||
Surveillance over Monetary Unions | ||||
SURVEILLANCE OVER MONETARY AND EXCHANGE RATE POLICIES: MEMBERS OF EURO AREA The Executive Board approves the modalities for conducting surveillance over the monetary and exchange rate policies of the members of the euro area, as set out in SM/98/257 (11/25/98). Decision No. 11846-(98/125), December 9, 1998, effective December 11, 1998 SM/98/257 … The current frequency of Article IV consultations with individual euro-area countries, which are generally on the standard 12-month cycle, would be maintained, at least during the initial period of Stage 3 of EMU.1
1 However, it is envisaged that there would be some scaling back of resources devoted to individual Article IV consultations in the area of monetary and exchange rate policies to provide the resources needed for surveillance of the common policies of the euro area. 2 As is done for Article IV consultations with national authorities, the staff would leave a concluding statement with the ECB at the end of the discussions. 3 As noted in BUFF/98/93 (9/24/98), while for each member of the EU fiscal policy remains the responsibility of national authorities, discussions at the EU level would also need to evaluate the fiscal position of the euro area as a whole in order to assess the stance of monetary and exchange rate policies and the coherence of macroeconomic policies. They would also need to cover developments in structural areas relevant to the Fund’s surveillance over the policies of members of the euro area as a whole. In this context, the staff missions referred to above would visit the European Commission. | ||||
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