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Independent Evaluation Office - IEO Publications

September 1, 2006
The IEO provides objective and independent evaluation on issues related to the IMF. The Office operates independently of IMF management and at arm's length from the IMF's Executive Board.

An Evaluation of the IMF's Multilateral Surveillance

The IEO would welcome feedback from the public on the report, particularly on the recommendations it makes.
Comments may be submitted at

Press Release: Independent Evaluation Office Releases Report on the IMF's Multilateral Surveillance

Full text of main report in PDF Format: English (389 kb)  

Main Report

Abbreviations and Acronyms (71 kb pdf file)

Summary of Findings and Lessons (72 kb pdf file)



Introduction (88 kb pdf file)

    A. Characteristics of Multilateral Surveillance
    B. Multilateral Surveillance in the IMF
    C. Scope and Methodology of the Evaluation


Content and Quality (130 kb pdf file)

    A. Comparative Advantage and Topic Selection
    B. Relevance and Timeliness
    C. Policy Advice and Forecasts
    D. Integration of Capital Market and Macroeconomic Analysis


Use and Delivery (111 kb pdf file)

    A. Informing Bilateral Surveillance
    B. Reaching the Intended Audience
    C. Presenting the Message
    D. Identifying the Impact of IMF Multilateral Surveillance


  1.1 The Legal Basis for IMF Surveillance
  1.2 Principal Institutions and Country Groups Engaged in Global Cooperation on Monetary and Financial Issues
  2.1 Macroeconomic and Capital Market Surveillance: Corporate Accounting Scandals of 2001–02
  3.1 Global Linkages and Spillovers in Individual Country Reports, 2004–05


  1.1 The Results Chain of IMF Surveillance
  1.2 Approximate Cycles of Key Outputs and Procedures
  1.3 Linkages in Multilateral Surveillance
  2.1 Potential Topics for Multilateral Surveillance Outputs
  2.2 The Composition of WEO Topics, 2000–05
  2.3 The Breakdown of WEO Linkage-Related Topics, 2000–05
  2.4 The Breakdown of GFSR Topics, 2002–05
  2.5 The Composition of Topics in Regional Outlooks
  2.6 National Authorities and Area Department Staff on Regional Outlooks
  2.7 G-7 and G-20 Emerging Policy Issues in IMF Multilateral Surveillance, 2000–05
  3.1 Senior Area Department Staff and National Authorities on the WEO
  3.2 The Press Coverage of the WEO, 2000–05
  3.3 How Multilateral Surveillance is Used by National Authorities
  3.4 Evolution of WEO Chapter I


  1.1 Human Resource Cost of Multilateral Surveillance Activities
  1.2 Executive Board Meetings on Multilateral Surveillance, 2003–05
  2.1 Selected Policy Advice in Multilateral and Bilateral Surveillance, 2004
  2.2 WEO Forecast Errors, 1991–2003
  2.3 WEO and Consensus Forecast Errors, 1991–2003
  3.1 Major GFSR Topics, 2003–05
  3.2 Executive Board Meetings on the WEO and the GFSR, 2000–05
  3.3 Use and Presentation of Scenario Analysis in the WEO, 2000–05

References (36 kb pdf file)

Background Documents (1,000 kb pdf file)

Statement by the Managing Director (28 kb pdf file)

IMF Staff Response (49 kb pdf file)

The Acting Chair's Summing Up (50 KB pdf file)