Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, June 3, 2015

Policy Papers ◽  
2015 ◽  
Vol 15 (13) ◽  
Author(s):  
Keyword(s):  
Financial Risk ◽  
Action Plan ◽  
International Monetary System ◽  
Growth Potential ◽  
Executive Board ◽  
Work Program ◽  
Monetary System ◽  
Fiscal Adjustment ◽  
Development Agenda ◽  
Monetary Policy Effectiveness

The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC in April identified a range of actions needed to bolster today’s actual and tomorrow’s potential output, diminish risks, and confront emerging global challenges. These actions included calibrating fiscal adjustment to economic conditions while establishing credible long-term fiscal frameworks and implementing growth-friendly fiscal policies, improving monetary policy effectiveness while containing excessive financial risk-taking, and accelerating structural reforms to raise growth potential and ensure inclusiveness. The GPA also outlined how the Fund would support the membership through assessments and policy advice provided in the context of multilateral and bilateral surveillance, financial support, and capacity building. This document translates the policy priorities laid out in the GPA and the IMFC communiqué into a work agenda for the Executive Board over the next 12 months. In particular, the Board will be engaged on several issues of multilateral scope, including quota reform and resources, the SDR basket review, challenges facing the international monetary system, and the post-2015 global development agenda. The work program also includes several items from the action plan of the 2014 Triennial Surveillance Review (TSR).

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - October 31, 2011

Policy Papers ◽  
2011 ◽  
Vol 2011 (90) ◽  
Author(s):  
Keyword(s):  
Global Economy ◽  
International Monetary System ◽  
Safety Net ◽  
Shared Vision ◽  
Board Meeting ◽  
Executive Board ◽  
Work Program ◽  
Monetary System ◽  
Insightful Analysis ◽  
New Phase

The global economy has entered a dangerous new phase with severe downside risks. The Fund has been called by the IMFC to contribute to an orderly resolution of these tensions, and the membership must be prepared for bold action. Our first responsibility is to help develop and coordinate solutions to immediate threats to global stability, in particular to provide insightful analysis and policy advice to address fiscalfinancial vulnerabilities and rekindle growth and job creation. Yet we must also be prepared to fortify the global financial safety net. Secondly, we must redouble efforts to make the international monetary system (IMS) stronger in the longer term—through more effective surveillance and a clearer shared vision of the system’s key underpinnings.

Thirteenth General Review of Quotas - Assessing the Adequacy of IMF Resources

Policy Papers ◽  
2007 ◽  
Vol 2007 (53) ◽  
Author(s):  
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
Executive Board ◽  
Work Program ◽  
General Review ◽  
Monetary System ◽  
The World

The Thirteenth Review provides an opportunity to take stock of the overall adequacy of IMF resources in light of developments in the world economy and the international monetary system. The Resolution concluding the Twelfth Review indicated that the Executive Board intended, during the period of the Thirteenth Review, to monitor closely and assess the adequacy of Fund resources and to consider measures to achieve a distribution of quotas that reflects developments in the world economy and to strengthen the governance of the Fund. The latter two issues have since been taken up under the work program on quota and voice reform. Accordingly, the focus of this paper is on the adequacy of Fund resources.

Bilateral Surveillance Guidance Note

Policy Papers ◽  
2010 ◽  
Vol 2010 (112) ◽  
Author(s):  
Keyword(s):  
Continuous Monitoring ◽  
International Monetary System ◽  
Executive Board ◽  
Financial Policies ◽  
Monetary System ◽  
Guidance Note ◽  
Review Mechanism ◽  
The Stability ◽  
Policy Adjustments ◽  
Core Activity

This note provides guidance to staff on the conduct of bilateral surveillance, a core activity of the Fund. Surveillance involves the continuous monitoring of members’ economic and financial policies, and regular Article IV consultations. During these consultations, staff holds pointed discussions with country authorities on the economic situation, the authorities’ policies, and desirable policy adjustments. These discussions are then reported to the Fund’s Executive Board for its consideration. The goal is, through thorough analysis, candid discussions, and a peer-review mechanism, to promote the domestic and external stability of members’ economies and thereby the stability of the international monetary system as a whole.

The Case for a General Allocation of SDRs During the Tenth Basic Period

Policy Papers ◽  
2011 ◽  
Vol 2011 (83) ◽  
Author(s):  
Keyword(s):  
International Monetary System ◽  
Periodic Process ◽  
Executive Board ◽  
Monetary System ◽  
Board Of Governors ◽  
Basic Period ◽  
Special Drawing ◽  
Special Drawing Rights

This paper is the outcome of a periodic process regarding the allocation (or cancellation) of Special Drawing Rights (SDRs), and is a report by the Managing Director to the Board of Governors and the Executive Board along with a staff paper that assesses the merits of a general allocation. Following consultations with the Executive Board on the case for a general allocation, the Managing Director decided not to make a proposal for a general SDR allocation at this time. Though there was openness among many Directors to consider a proposal in the upcoming basic period, there was also a widely-shared sense that it would be premature at this stage, owing to ongoing discussions on the role of the SDR in the context of reform of the international monetary system. Decisions by the Fund on a general allocation or cancellation of SDRs take place at regular intervals (or basic periods) of normally five years, with the Managing Director’s report due six months before each new basic period. The tenth basic period begins on January 1, 2012. The report can either propose a general SDR allocation (or cancellation of previous allocations), or conclude that the conditions set out in the IMF’s Articles of Agreement for an allocation or cancellation of SDRs are not currently in place, including broad support among IMF members that participate in the SDR Department. Under the IMF’s Articles of Agreements, the Managing Director may also propose allocations of SDRs at the request of the Board of Governors or the Executive Board. In this regard, an allocation could be considered if there is a long-term global need for reserves that could be usefully filled at least in part by SDRs and if it would not lead to inflationary pressures, assuming there is broad support among IMF members participating in the SDR Department.

Managing Director's Action Plan to the International Monetary and Financial Committee

Policy Papers ◽  
2011 ◽  
Vol 2011 (79) ◽  
Author(s):  
Keyword(s):  
Action Plan ◽  
International Monetary System ◽  
Global Solutions ◽  
Advanced Country ◽  
Monetary System ◽  
Surveillance Report ◽  
Growth Prospects ◽  
The Right ◽  
Working Out

The risks ahead and the role of the Fund. Global growth is flagging. In the advanced country core of the international monetary system, fiscal and financial vulnerabilities and uncertain growth prospects are feeding on each other, posing instability risks to a world with diminished policy buffers. The Fund’s policy advice on tackling this situation is outlined in the Consolidated Multilateral Surveillance report. While responsibility of implementing the right policies lies with members, the Fund has a responsibility to help--by working out specifics, and finding and coordinating global solutions to immediate threats to global stability. At the same time, we cannot lose sight of the longer-term structural issues in the international monetary system, where at least visible progress if not closure is needed.

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting

Policy Papers ◽  
2012 ◽  
Vol 2012 (39) ◽  
Author(s):  
Keyword(s):  
Global Economy ◽  
Action Plan ◽  
Board Meeting ◽  
Executive Board ◽  
Financial Policies ◽  
Work Program ◽  
Work Plan ◽  
Economic Transitions ◽  
Development Agendas ◽  
Important Milestone

Agenda. Last April was an important milestone for the institution. The commitment to increase Fund resources by over $430 billion on a temporary basis attests to the membership’s willingness to act collectively and decisively to get ahead of the crisis. For our part, we must continue to support these efforts with clear and pointed advice on macro financial policies, and strong and well-designed programs. This is true not only for Europe, where the risks to stability have been acute, but across the span of the membership. We need to continue to offer pragmatic remedies to the main risks confronting the global economy, help members address spillovers, and support their economic transitions and development agendas. We need also to strengthen our internal processes, with reforms of surveillance, quotas and governance. These points, which draw on my Action Plan of last month and feedback from members during the Spring Meetings, are elaborated in the work plan below

scholarly journals International Monetary System and the Emergence of Renminbi

2017 ◽  
Author(s):  
Müslüme Narin ◽  
Alpay Öznazik
Keyword(s):  
Financial Markets ◽  
World Bank ◽  
International Monetary System ◽  
National Currency ◽  
Financial Asset ◽  
Executive Board ◽  
Brics Countries ◽  
Monetary System ◽  
Us Dollar ◽  
Japanese Yen

After the 2008 crisis International Monetary System (IMS) entered a period of change. The system under hegemony of dollar criticized in financial markets with regards to instability and lack of confidence. Whereas IMF argued that the IMS should be restructured in emerging markets, in the report of World Bank it was estimated that in the future of IMS a multipolar multiple currency system which includes Dollar, Euro and Renminbi (RMB) will improve (World Bank, 2011: xii). BRICS countries wanted diversify, especially, the Chinese reserves, but the Executive Board of IMF rejected SDR basket to be expanded until 30 November 2015. With the decision taken on this date, it took Chinese national currency RMB into SDR basket since the date of 1 October 2016. After this decision, the value of SDR has been composed of the sum of the currencies of US dollar, Euro, Chinese RMB (yuan), Japanese yen and pound sterling. Thereby, in SDR basket Chinese national currency ranked thirdly by weight. The purpose this paper is to discuss the ever-increasing importance of Chinese national currency RMB in IMS. In this direction, at first, the formation and development of SDR will be informed, then the direction of RMB towards the SDR basket will be discussed, after that, the appearance of the idea of RMB’s internationalization and the period of internationalization of RMB will be addressed. Finally, an assessment will be made about RMB’s being a means of payment and international financial asset in foreign trade.

2014 Triennial Surveillance Review - Concept Note

Policy Papers ◽  
2013 ◽  
Vol 2013 (73) ◽  
Author(s):  
Keyword(s):  
International Monetary System ◽  
Value Added ◽  
Advisory Group ◽  
Executive Board ◽  
Surveillance Strategy ◽  
Monetary Policies ◽  
Assessment Program ◽  
Monetary System ◽  
Financial Depth ◽  
The Stability

With the 2011 TSR laying out a wide ranging agenda for surveillance reform, the 2014 review will take a more narrowly focused approach and be mindful of the need to make cost-neutral recommendations. The themes and associated outputs will cover areas that address the IMF’s core mandate of ensuring the stability of the international monetary system, provide the most value-added for the membership, and leverage the Fund’s comparative advantages. The review will be based on: (i) a review and analysis of Article IV reports and multilateral surveillance products; (ii) guidance from an External Advisory Group at key stages of the exercise; (iii) background studies; and (iv) surveys and interviews with country authorities, staff, and other stakeholders. A review of the Financial Sector Assessment Program (FSAP) will be conducted separately but concurrently with the TSR, with close coordination between the relevant authoring teams. The TSR will also take into account the findings of other recent work, including the progress report on the implementation of the Financial Surveillance Strategy, the range of papers on debt issues, the LIC pilot on financial depth and macroeconomic policy, the set of Board papers on the experience with unconventional monetary policies and the challenges of exit from these policies, and the planned discussion of communication issues with the Executive Board.

CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM

2017 ◽  
pp. 95-100
Author(s):  
Артур Анатолійович Василенко
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
State University ◽  
Electronic Money ◽  
Monetary System ◽  
Current Trends ◽  
The World ◽  
Post Graduate Student ◽  
The One ◽  
Xix Century

UDC 336.74   Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset. The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized. On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.   Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

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