Selected Decisions and Selected Documents of the IMF, Fortieth Issue -- Modalities for Surveillance over Euro-Area Policies in Context of Article IV Consultations with Member Countries

Prepared by the Legal Department of the IMF
As updated as of April 30, 2019

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Exchange Arrangements and Surveillance
Surveillance over Monetary Unions


The current frequency of Article IV consultations with individual euro-area countries, which are generally on the standard 12-month cycle, will be maintained.

There will be twice-yearly staff discussions with EU institutions responsible for common policies in the euro area. These discussions will be held separately from the discussions with individual euro-area countries, but are considered an integral part of the Article IV process for each member. The discussions with individual euro-area countries will be clustered, to the extent possible, around the discussions with the relevant EU institutions.

There will be an annual staff report and Board discussion on Euro-Area Policies in the Context of the Article IV Consultations with Member Countries, which will be considered part of the Article IV consultation process with individual members. In addition to monetary and exchange rate policies, the staff report will also cover from a regional perspective other economic policies relevant for Fund surveil-lance. Staff will report informally to the Board on the second round of discussions with EU institutions to provide adequate context for bilateral consultations with euro-area countries that do not coincide broadly with the annual Board discussion on the euro area.

There will be a summing up of the conclusion of the Board’s annual discussion on Euro-Area Policies in the Context of the Article IV Consultations with Member Countries. It will be incorporated by reference into the summings-up for the Article IV consultations with individual Euro-Area members that take place before the next Board discussion of the Euro-Area common policies.1 To the extent that the summing up for the euro area covers economic policies that apply to all EU member countries and that are considered relevant for Fund surveillance, the pertinent parts of the summing up for the euro area could also be referred to in the bilateral Article IV consultations with EU member countries that are not part of the euro area. (SM/02/359, 11/21/02)

Decision No. 12899-(02/119),

December 4, 2002,

as amended by Decision No. 14062-(08/15)

February 12, 2008

1 Ed. Note: Decision No. 14062-(08/15), February 12, 2008 provides that this sentence shall take effect from the next annual Board discussion of Euro-Area policies. See SM/08/50, 2/5/08.

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