When the triennial surveillance review was completed in 2011 (see Update 78), the IMF expected to move quickly to adopt an integrated approach to surveillance – the IMF’s monitoring of member countries’ macroeconomic policies and financial sectors. This would update the legal framework of the IMF to allow it to “bring together bilateral and multilateral perspectives in Fund policy advice and enable better assessment of global and country level risks and spillovers to economic and financial stability, and engage more effectively with policymakers.” The idea was initially opposed by enough board members with sufficient voting weight to make progress difficult. While a discussion was initially scheduled for “early 2012”, sufficient agreement amongst shareholders had not been reached by the end of May for the IMF managing director to schedule an executive board meeting.
Market-led policy approaches increasingly used to deal with both climate and health emergencies are failing to protect those most vulnerable.
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