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The IMF’s ‘Surveillance’: How Has It Changed since the Global Financial Crisis?

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  • Emily Poole

    (Reserve Bank of Australia)

Abstract

The International Monetary Fund (IMF) is mandated by its members to oversee the international monetary system. One of the key ways it does this is through bilateral and multilateral ‘surveillance’ – monitoring, analysing and providing advice on the economic and financial policies of its 188 members and the linkages between them. This article discusses three broad issues identified with the IMF’s pre-2008 surveillance by the IMF and IMF watchers – analytical weaknesses (though these were not confined to the IMF alone), ineffective communication of key surveillance messages in public reports, and governance issues and practical constraints – and examines the steps taken by the IMF to address them. Significant improvements have been made in addressing analytical weaknesses, and efforts to improve the effectiveness of the IMF’s communication are ongoing. However, issues around governance remain unresolved, which risks reducing the credibility and influence of IMF surveillance.

Suggested Citation

  • Emily Poole, 2015. "The IMF’s ‘Surveillance’: How Has It Changed since the Global Financial Crisis?," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 85-92, March.
    • Handle: RePEc:rba:rbabul:mar2015-09
    as

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    File URL: https://www.rba.gov.au/publications/bulletin/2015/mar/pdf/bu-0315-9.pdf
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    References listed on IDEAS

    as
    1. Harold James, 1995. "The Historical Development of the Principle of Surveillance," IMF Staff Papers, Palgrave Macmillan, vol. 42(4), pages 762-791, December.
    2. Stanley Fischer, 2008. "Mundell-Fleming Lecture: Exchange Rate Systems, Surveillance, and Advice," IMF Staff Papers, Palgrave Macmillan, vol. 55(3), pages 367-383, July.
    Full references (including those not matched with items on IDEAS)

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