2014年-IMF国际货币组织全球_Statement_by_the_Managing_Director_on_the_Independent_Evaluation_Office_Report_on_IMF_Response_to_the_Financial_and_Economic_Crisis_An_IEO_Assessment_2页_187kb

IMF Response to the Financial and Economic Crisis—An IEO Assessment Summary

Core Content

The Independent Evaluation Office (IEO) assessment on the IMF's response to the financial and economic crisis was discussed at the IMF Executive Board Meeting 14/94 on October 28, 2014. The Executive Directors generally welcomed the report, acknowledging its balanced perspective and alignment with findings from the Triennial Surveillance Review. They supported the IEO's overall evaluation and most of its recommendations, emphasizing the importance of the IMF's role in global crisis management.

Key IEO Findings

• IMF's Role in Crisis Response: The IEO found that the IMF played an important role in the global response to the crisis, particularly through its reformed lending toolkit and increased resources, which quadrupled since the onset of the crisis.

• European Programs as Precedent: Some Directors suggested that the larger access granted in European programs should serve as a model for future crisis lending.

• Support from Country Authorities: Country authorities were largely supportive of initiatives to enhance macroeconomic and financial surveillance, including the expansion of tools to identify emerging risks and vulnerabilities.

• Timeliness of Policy Advice: The IMF's calls for global fiscal stimulus and accommodative monetary policies in 2008-09 were seen as timely and appropriate. However, some Directors felt these could have been more tailored to individual country needs.

• Fiscal Consolidation in 2010-11: Views on the IMF's endorsement of fiscal consolidation in advanced economies were mixed. While some considered it premature and less effective, others supported it as necessary to protect the recovery and address fiscal sustainability risks.

• Flexibility in Policy Advice: Directors acknowledged the IMF's flexibility in adjusting fiscal policy advice as the growth outlook deteriorated.

IEO Recommendations and Executive Board Response

• Resource Mobilization: Directors endorsed the IEO's recommendation to ensure the IMF has sufficient resources to address future crises, primarily through member quotas, to reduce uncertainty and strengthen legitimacy. They urged the United States to ratify the 2010 Quota and Governance Reforms promptly.

• Collaboration with Other Organizations: The IMF's collaboration with other institutions was deemed largely effective. Directors supported the development of guidelines to better structure engagements and clarify roles, while emphasizing the need for flexibility and pragmatism.

• Risk Assessment Initiatives: There was broad agreement to consolidate and simplify initiatives for identifying and assessing risks and vulnerabilities. However, there was a range of opinions on the dissemination of Early Warning Exercise findings, with a consensus that such efforts should not compromise candor or access to confidential information.

• FSAP Updates: Most Directors viewed the IEO's proposal to update the Financial Sector Assessment Program (FSAP) annually for major financial centers as having limited merit due to high resource costs and slow structural changes. They expressed interest in future proposals to mainstream macro financial surveillance.

Conclusion

The Executive Directors affirmed the value of the IEO's assessment and the importance of the IMF's role in global financial stability. They emphasized the need for continued reform, resource mobilization, and effective collaboration, while maintaining the independence and flexibility of the Fund's operations. The discussion will inform the IMF's implementation plan, ensuring alignment with the recommendations and ongoing surveillance needs.