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International Monetary Fund. Independent Evaluation Office

Abstract

The report assesses IMF surveillance in the period leading up to the global financial and economic crisis and offers recommendations on how to strengthen the IMF's ability to discern risks and vulnerabilities in the future. Chapters discuss the unfolding of the crisis and IMF messages prior to the crisis, and analyze the complex factors that influenced the IMF's performance in the run-up to the crisis. A companion CD provides background papers not included in this report.

International Monetary Fund. Independent Evaluation Office and International Monetary Fund. External Relations Dept.

Abstract

44. At the launch of the euro, the IMF adopted a double-track approach to its surveillance of euro area countries (Executive Board Decision No. 11846 (98/125), December 9, 1998). The IMF conducted Article IV consultations, usually annually, with individual member countries that also belonged to the euro area. It also held twice-yearly staff discussions with the EU institutions responsible for common policies in the euro area; according to the Board decision, these discussions were to be “considered an integral part of the Article IV process for each member.” How to integrate these two strands of surveillance activity has since posed a challenge to the IMF.40

International Monetary Fund

aim to enhance the contribution of self-evaluation to IMF effectiveness by strengthening learning, transparency, and accountability . These are: Adopt a broad policy or general principles to establish an explicit, institution-wide framework for self-evaluation in the IMF, including its goals, scope, outputs, utilization, and follow-up. Conduct self-assessments for every IMF-supported program, giving country authorities the opportunity to express their views on program design and results, and IMF performance. For each policy and thematic review, explicitly