IEO Evaluation of Exchange Rate Policy

IEO Evaluation of Exchange Rate Policy

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The IMF is charged by its Articles of Agreement and a 1977 Executive Board Decision to exercise surveillance over the international monetary system and membersa€™ exchange rate policies. The overriding question addressed by this evaluation is whether, over the 1999a€“2005 period, the IMF fulfilled this core responsibility. The main finding is that the IMF was simply not as effective as it needs to be in both its analysis and advice and in its dialogue with member countries. The evidence supporting this conclusion, along with other key findings, is set out in this report. The report also presents a detailed set of recommendations that could go a long way in improving the quality and effectiveness of IMF surveillance.In identifying these issues and trends, the review focused on a variety of broad quality dimensions, some of which are summarized below. ... which exchange rate developments should be factored into monetary policy decision making, and in assessing the effects of ... This can in part be explained by the structure of the exercise in which area departments play a key role in coming to the .... The desk review identified one case of repeated underreporting of off-balance-sheet activities with.

Title:IEO Evaluation of Exchange Rate Policy
Author:International Monetary Fund. Independent Evaluation Office
Publisher:International Monetary Fund - 2007-08-22


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