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1. Introduction

2. Purposes and Organization of Surveillance

3. Objectives and Methodology of the Review

4. Focus and Quality of Analysis
   1. Focus
   2. Quality
          Depth of coverage
          Freshness of perspective

5. Policy Dialogue
   1. Dialogue in Bilateral Surveillance
   2. Modalities of Surveillance in Currency Unions

6. Communication and Signaling
   1. Communication
   2. Monitoring and Signaling

7. Assessing Effectiveness

8. Use of Staff Resources
   1. Recent Trends
   2. Resource Implications of the Review's Proposals

9. Issues for Discussion

Modalities of Surveillance (pdf file, 956 kb)

1. Introduction

2. Modalities to Enhance the Effectiveness of Surveillance
   1. Introduction
   2. Background: Purposes and Organization of Surveillance
   3. Assessing Effectiveness in Surveillance: Methodological Issues
   4. Analytical Quality and Focus of the Fund's Policy Advice
          Views of outreach participants
          Sharpening the focus of consultations
          Streamlining formal requirements
   5. Quality of the Policy Dialogue with National Authorities
          Views of outreach participants
          Enhancing the quality of the policy dialogue
          Managing staff turnover
   6. Effectiveness in Communication
      Views of outreach participants
          Better dissemination of the findings of Article IV consultations
          Candor and transparency
   7. Overall Impact of Surveillance
          Views of outreach participants
          Assessing effectiveness of the context of individual consultations
          The way forward
   8. Conclusions
      
      
   3. Modalities for More Intensive Surveillance
      1. Experience with More Intensive Surveillance
      2. Issues in the Design of Structured Modalities for Intensive Surveillance
      
      
   4. Modalities of Regional Surveillance
      1. Surveillance of Currency Unions
             Surveillance of the euro area
             Surveillance of other currency unions
      2. Other Regional Surveillance
      
      
   5. Use of Staff Resources in Surveillance
      1. Use of Staff Resources in Surveillance: Recent Trends
      2. Resource Implications of the Present Review

   Tables
   1. Surveillance and Related Involvement
   2. Staff Resources Devoted to Surveillance and Related Activities
   3. Estimated Staff Resource Requirements of the Proposals Included in this Review
   4. Total Estimated Resource Requirements
   5. Estimated Additional Travel Expenses

   Boxes
   1. Assessment Methodologies
   2. Outreach on Modalities and Effectiveness of Surveillance
   3. Increased Media Coverage of Surveillance Documents: Recent Examples from Germany and the United States
   4. Diversity of Effective Surveillance: Some Country Examples
   5. Existing and Proposed Procedures for More Intensive Surveillance

   Figures
   1. The Fund's Bilateral Surveillance Process
   2. Average Turnover and Mission Size in Non Program Countries
   3. Staff Resources Devoted to Surveillance
   4. Distribution of Fund Employment
   5. Staff Years Used in Surveillance, By Country Group

   Appendices
   1. The Legal Basis for Surveillance Under Article IV
   2. Surveys and Interviews of Outside Participants on the Effectiveness of Fund Surveillance
   3. Modalities of Surveillance: Results of Staff Survey and Review of Staff Reports
   4. Guidance Notes Pertaining to Article IV Consultations and Reports—A Synopsis
   5. Tables
   

   Content of Surveillance (pdf file, 956 kb)

   1. Introduction
      
      
   2. Coverage and Content of Fund Surveillance
      1. Introduction
      2. Coverage
             General considerations
             Coverage of surveillance in program countries
            Coverage of surveillance in low-income countries
      3. Content
             Financial sector issues
             Trade policy
             Social sector developments and policies
             Assessing vulnerabilities
      4. Conclusions and Recommendations
         
      
      
   3. Selected Issues in Fund Surveillance
      1. Global and Regional Spillovers
             Global spillovers
             Surveillance of the G-3
             Regional spillovers
             Conclusions and recommendations
      2. Exchange Rate Analysis
             Research findings
             Board guidance
             Review of Article IV consultation reports
             Conclusions and recommendations
      3. Balance Sheet Analysis
             Review of recent Article IV staff reports
             Conclusions and recommendations
      4. Institutional Underpinnings of Growth     Introduction
             Institutions
             Investment climate
             Governance
             Conclusions and recommendations

References

Boxes
1. Focused Reports, Flexible Approach—Positive Examples
2. Taking Stock of Past Policy Developments in Program Countries—Positive Examples
3. Examples of References to PRSPs in Article IV Reports
4. Coverage of Vulnerability Assessments in Article IV Reports—Positive Examples
5. WEO Report and GFSR Themes
6. Global Impact of the Trade Policies of the "Quad"
7. Regional Spillovers in the Southern Cone
8. A Case Study of Coverage of Regional Spillovers—China's Changing Role
9. Coverage of Balance Sheet Issues in Article IV Reports—Positive Examples
10. Selected Definitions of Institutions, Investment Climate, and Governance
11. Governance in Natural Resource Exporting Countries
12. Follow-up of Implementation of the OECD Anti-Foreign Bribery Convention
13. Additional Analysis of the Coverage of Governance Issues in Surveillance

Tables
1. Coverage of Specific Topics in Article IV Staff Reports for Program Countries
2. Coverage of Financial Sector Issues
3. Key Determinants of the Investment Climate

Appendix
Review of Article IV Consultation Documents—Country Coverage and Questionnaire

Public Information Notice on the Executive Board Discussion (pdf file, 956 kb)