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- Title
International monetary stability -- can the IMF make a difference?
- Abstract
In this lecture, Rachel Lomax, Deputy Governor responsible for monetary stability, argues that in a more integrated world economy, there is a greater shared interest in identifying the risks to international monetary stability and in discussing the policy responses that might help to mitigate them. While she sees a central role for the IMF, as the permanent institution set up to promote international monetary co-operation, she says that the Fund's current surveillance activities need to be redesigned to provide a more operational focus on external stability. The IMF should devote more time to overseeing the system as a whole, and focus on the surveillance of those countries with the most potential to create waves in the international monetary system. She outlines proposals for grounding Fund surveillance in a more structured analysis of the policy frameworks that countries themselves choose to adopt and for setting an annual surveillance remit against which the Fund can be held accountable.
- Subjects
ECONOMICS; MONETARY policy; MONETARY systems; INTERNATIONAL Monetary Fund; LOMAX, Rachel
- Publication
Bank of England Quarterly Bulletin, 2006, Vol 46, Issue 4, p434
- ISSN
0005-5166
- Publication type
Article