International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets

International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets

Prepared by the Staffs of the International Monetary Fund and World Bank

March 5, 2003

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Contents

	Executive Summary

I.	Introduction and Background

II.	Progress in Implementation and Findings
A.	Progress on Assessments
B.	Findings of ROSCs
C.	Standards, Markets, and Crisis Prevention

III.	Strengthening Surveillance and Capacity Building
A.	Standards Assessments and Surveillance
B.	Standards Assessments as a Benchmark for Capacity Building

IV.	Coverage of the Standards Initiative and Modifying Standards
A.	Coverage of Standards in the Initiative
B.	Modifying the List of Areas for Standards Assessments

V.	Keeping the Standards Initiative Sustainable
A.	Managing the ROSC Assessment Process
B.	Resource Requirements

VI.	Issues For Discussion
A.	Issues for Fund and Bank Directors
B.	Issues for Fund Directors
C.	Issues for Bank Directors

Text Tables
1.	List of Standards, Codes, and Principles Useful for Bank and Fund Operational Work and for which Reports on the Observance of Standards and Codes are Produced
2.	Examples Where ROSCs Contributed to Surveillance
Annex
	List of Acronyms

Appendices
I.	ROSC Modules Published as of December 31, 2002 and Comparative Participation in the Standards and Codes Initiative
II.	Quantitative Summary of Responses to Selected Survey Questions
III.	Recent and Proposed Revisions to Standards

Appendix Tables
	Table A1.1. ROSC Modules Completed
	Table A1.2. Comparative Participation in the Standards and Codes Initiative
	Table A2.1. Quantitative Summary of Responses to Selected Survey Questions