Policy Papers

2011 Triennial Surveillance Review - External Commentary - Surveillance by the International Monetary Fund

Publication Date:

August 15, 2011

Electronic Access:

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Summary:

Commentary prepared by Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times, London:

"With countries naturally reluctant to cede any control over their own monetary and fiscal policies, it is likely that the IMF will have as instruments only the powers of analysis, persuasion, and, in Keynes" own favourite words, "ruthless truth-telling". That phrase does not conjure up many memories of any of the many international meetings I have attended. But unless the IMF has the self-confidence to play that role, its deliberations and statements will carry little weight. The Fund requires an independent, respected and clear voice." Mervyn King, 2006.

Series:

Policy Papers

Subject:

Developed countries Fund role Relationships with Fund Surveillance Technical assistance

Notes:

This paper represents the views of the author and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management.