Statement By The Managing Director On The Independent Evaluation Office S Report On The Imf And The Crises In Greece Ireland And Portugal An Evaluation By The Independent Evaluation Office Executive Board Meeting July 19 2016
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Background Papers On The Imf And The Crises In Greece Ireland And Portugal
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Author : Moisés J. Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30
Background Papers On The Imf And The Crises In Greece Ireland And Portugal written by Moisés J. Schwartz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-30 with Business & Economics categories.
This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.
International Monetary Fund Annual Report 2021
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Author : International Monetary Fund. Secretary's Department
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-04
International Monetary Fund Annual Report 2021 written by International Monetary Fund. Secretary's Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-04 with Business & Economics categories.
A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.
Review Of The Imf S Communications Strategy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-30
Review Of The Imf S Communications Strategy written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-30 with Business & Economics categories.
The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.
Program Design In Currency Unions
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-16
Program Design In Currency Unions written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-16 with Business & Economics categories.
"Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members."
The Shifts And The Shocks
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Author : Martin Wolf
language : en
Publisher: Penguin
Release Date : 2014-09-11
The Shifts And The Shocks written by Martin Wolf and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-11 with Business & Economics categories.
From the chief economic commentator for the Financial Times—a brilliant tour d’horizon of the new global economy There have been many books that have sought to explain the causes and courses of the financial and economic crisis that began in 2007. The Shifts and the Shocks is not another detailed history of the crisis but is the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world’s most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect.
Safeguarding The Euro In Times Of Crisis
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Author :
language : en
Publisher:
Release Date : 2019
Safeguarding The Euro In Times Of Crisis written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
Statement By The Managing Director On The Independent Evaluation Office S Report On The Imf And The Crises In Greece Ireland And Portugal An Evaluation By The Independent Evaluation Office Executive Board Meeting July 19 2016
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-07
Statement By The Managing Director On The Independent Evaluation Office S Report On The Imf And The Crises In Greece Ireland And Portugal An Evaluation By The Independent Evaluation Office Executive Board Meeting July 19 2016 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-07 with Business & Economics categories.
I welcome the report of the Independent Evaluation Office (IEO) on the Euro Area crisis programs. Their work provides an independent and in-depth account, which I have no doubt will make an important contribution to understanding the Fund’s approach to the crisis. As I have emphasized repeatedly, the IEO plays a vital role in enhancing the learning culture within the Fund, strengthening the Fund's external credibility, and supporting the Executive Board's institutional governance and oversight responsibilities.
The Chairman S Summing Up The Imf And The Crises In Greece Ireland And Portugal An Evaluation By The Independent Evaluation Office Executive Board Meeting 16 69 July 19 2016
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2016-07-25
The Chairman S Summing Up The Imf And The Crises In Greece Ireland And Portugal An Evaluation By The Independent Evaluation Office Executive Board Meeting 16 69 July 19 2016 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-25 with Business & Economics categories.
Executive Directors welcomed the report by the Independent Evaluation Office (IEO) on the IMF and the Crises in Greece, Ireland, and Portugal, and appreciated the accompanying statement by the Managing Director. They agreed that the report’s findings provide valuable insights and lessons for handling crises in members of currency unions. Directors underscored that the work of the IEO continues to play a vital role in enhancing the learning culture within the Fund, strengthening the Fund’s external credibility, and supporting the Executive Board’s oversight responsibilities. Directors broadly shared the general thrust of the IEO’s main findings and broadly endorsed its recommendations, with some caveats.
Statement By The Managing Director On The Independent Evaluation Office S Report On The Imf And The Crises In Greece Ireland And Portugal
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Author :
language : en
Publisher:
Release Date :
Statement By The Managing Director On The Independent Evaluation Office S Report On The Imf And The Crises In Greece Ireland And Portugal written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Independent Evaluation Office Annual Report 2017
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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-05
Independent Evaluation Office Annual Report 2017 written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-05 with Business & Economics categories.
This paper discusses that the Independent Evaluation Office (IEO) has also launched three new evaluations—which will analyze the IMF’s role on fragile states, its financial surveillance activities, and its advice on unconventional monetary policies—and two evaluation updates—which will look into the IMF’s exchange rate policy advice and structural conditionality. The evaluation found that, for the most part, the IMF’s euro area surveillance identified the right issues during the pre-crisis period but did not foresee the magnitude of the risks that would later become paramount. The IMF’s surveillance of the financial regulatory architecture was generally of high quality, but staff, along with most other experts, missed the buildup of banking system risks in some countries. The report found several issues with the way decision making was managed by the IMF. In May 2010, the IMF Executive Board approved a decision to provide exceptional access financing to Greece without seeking preemptive debt restructuring, even though its sovereign debt was not deemed sustainable with a high probability.