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International Monetary Fund. Office of Internal Audit
The Eleventh Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assessed the progress made over the past 18 months on 72 actions contained in 10 MIPs. Significant progress has been made with the implementation of management actions, despite challenges that have arisen from the ongoing COVID-19 pandemic. Overall, 29 of the 72 actions for which implementation progress is assessed in the Eleventh PMR were deemed to have been satisfactorily implemented, while 35 remain open, and eight actions are being reformulated in line with the Board-approved triage framework for long-standing open actions. Despite the effect of reprioritization to make space for the urgent needs of the membership resulting from the pandemic, the pace of implementation observed in the Eleventh PMR, with the 29 actions closed, significantly exceeds the previous trend of about 15 implemented actions per year. Of the 35 open actions, 16 are more than one year past their implementation due dates. The reprioritization of activities owing to the COVID-19 pandemic and resource constraints on account of several years of flat budgets led to delays in the implementation of several actions, partly because of the postponement of important reviews.
Mr. Barry J. Eichengreen

Front Matter Page Strategy, Policy, and Review Department Authorized for distribution by Tamim Bayoumi Contents I. Introduction II. Eight Out Of The Box Ideas A. Countercyclical IMF Capital Charges B. A Price-Based Scarce Currency Clause C. Convertible SDRs D. Global Glass-Steagall E. A Global Systemic Risk Facility F. A Multilateral Insolvency Trust for International Banks G. A World Financial Organization H. IMF Governance III. Conclusion

International Monetary Fund

Discussion, and Implementation Status A. Evaluation of Prolonged Use of IMF Resources B. The IMF and Recent Capital Account Crises (Indonesia, Korea, and Brazil) C. Fiscal Adjustment in IMF-Supported Programs D. The IMF and Argentina, 1991-2001 E. Poverty Reduction Strategy Papers/Poverty Reduction Growth Facility F. IMF Technical Assistance G. IMF’s Approach to Capital Account Liberalization H. IMF Support to Jordan, 1989-2004 I. Financial Sector Assessment Program J. Multilateral Surveillance

International Monetary Fund. Office of Internal Audit

OVERVIEW IMPACT OF SLIPPAGES IN THE IMPLEMENTATION OF OPEN MANAGEMENT ACTIONS IMPLEMENTATION STATUS OF MANAGEMENT ACTIONS A. IMF Advice on Capital Flows (2020) B. IMF Advice on Unconventional Monetary Policies (2019) C. IMF Financial Surveillance (2019) D. The IMF and Fragile States (2018) E. The IMF and Social Protection (2017) F. Behind the Scenes with Data at the IMF (2016) G. Self-Evaluation at the IMF: An IEO Assessment (2015) H. IMF Forecasts: Process, Quality, and Country Perspectives (2014) I. The Role of the IMF as Trusted Advisor (2013

Mr. Barry J. Eichengreen
The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented over the next ten years. It proposes routinizing the expansion of IMF quotas and the conduct of exchange rate surveillance. It contemplates an expanded role for the SDR in international transactions, which would require someone-like the IMF-to act as market maker. It considers proposals for reimposing Glass-Steagall-like restrictions on commercial and investment banking, something that will have to be coordinated internationally to be feasible. Other proposals would require banks to purchase capital insurance; here the question is who would be on the other side of the market. Again there is likely to be a role for the IMF. Then there are arguments for a new agency or institution to deal with cross-border bank insolvencies. Any such entity will require staff support, which might plausibly come from the Fund. Finally, some insist that international colleges of regulators are not enough-that it is desirable to create a World Financial Organization (WFO) with the power to sanction members whose national regulatory policies are not up to international standards. A WFO will similarly need staff support, of which the IMF would be one possible source. All this of course presupposes meaningful IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional responsibilities. The paper therefore concludes with some conventional and unconventional proposals for IMF governance reform.
International Monetary Fund
IEO evaluations are an integral part of the Fund’s learning culture, helping the Fund absorb lessons that improve its work. In addition, the objectivity of IEO evaluations has bolstered the Fund’s credibility. In discussing the report of the External Evaluation of the IEO (the “Lissakers report”), Executive Directors welcomed the suggestions to strengthen follow-up to the IEO recommendations?including more Board involvement—and supported a more systematic approach for following up and monitoring the implementation of IEO recommendations approved by the Board. This periodic monitoring report (PMR) is the first such effort under the new procedures approved by the Executive Board in January 2007. In particular, it responds to the instruction that “Management shall present to the Board a periodic monitoring report on the state of implementation of actions contained in the forward-looking implementation plans already in force and not deemed completed on the occasion of a prior periodic monitoring report. These reports shall indicate difficulties in implementing the original plan and propose remedial or substitute actions whenever appropriate. The first periodic monitoring report shall be prepared following the delivery of the 2007 IEO Annual Report. As the IEO Annual Reports cover the status of all past IEO recommendations, it is expected that the first periodic monitoring report produced by Management would also review the implementation of recommendations made to date.”