Executive Board Progress Report to the IMFC on the Fund's Mandate
October 6, 2010
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Format: Chicago
Summary
The crisis exposed weaknesses in economic oversight—national, regional, and global—prior to the crisis, prompting major institutional innovations to uncover risks and meet large and diverse financing needs. Despite progress, it still needs to be asked if the mandate in the Fund’s Articles is up to the challenges ahead. The Board’s deliberations, which are far from complete, have prompted it to emphasize practical steps to deliver on the Fund’s broad stability mandate, with any need to amend the Articles reconsidered in light of experience. The effectiveness of these steps will also depend on quota and governance reform, as confidence in the Fund as an impartial overseer of global stability and lender of last resort rests on its legitimacy.
Subject: Bilateral surveillance, Concessional aid, Financial safety nets, Financial sector surveillance, Financial stability, Flexible Credit Line, Fund role, International Monetary and Financial Committee, International monetary system, Low-income developing countries, Multilateral surveillance, Precautionary Credit Line
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