2012年-IMF国际货币组织全球_Modernizing_the_Legal_Framework_for_Surveillance_26页_538kb

Summary of the Revised Proposed Decision on Bilateral and Multilateral Surveillance

Core Content

This document outlines the Revised Proposed Decision on Bilateral and Multilateral Surveillance, which was prepared by the Legal and Strategy, Policy and Review Departments and approved by Sean Hagan and Siddharth Tiwari on July 17, 2012. It replaces the earlier 2007 Surveillance Decision and aims to modernize the Fund’s surveillance framework by integrating bilateral and multilateral approaches under a single decision. The revised decision emphasizes the guidance provided to members regarding their obligations under Article IV, while maintaining the existing legal framework and not introducing new obligations.

Main Points

1. Scope and Integration of Surveillance

• The Fund conducts bilateral and multilateral surveillance under Article IV, Section 3.
• Bilateral surveillance focuses on individual members’ exchange rate and domestic economic and financial policies, ensuring they promote balance of payments stability and domestic stability.
• Multilateral surveillance assesses the impact of members’ policies on the international monetary system (IMS) and global stability.
• Surveillance is operationally integrated, with bilateral and multilateral efforts being mutually supportive.

2. Clarification of Member Obligations

• The revised decision does not expand or modify members’ obligations under the Articles of Agreement.
• It clarifies that members have legitimate domestic policy objectives beyond the scope of Article IV, and that the Fund’s guidance does not interfere with these.
• Principle E explicitly acknowledges that members' obligations under Article IV, Section 1 are of a best efforts nature.

3. Definition of the International Monetary System (IMS)

• The IMS includes rules on exchange arrangements, payments and transfers, capital movements, and international reserves.
• The Fund defines the IMS as operating effectively when there are no significant symptoms of malfunction, such as persistent current account imbalances or volatile capital flows.

4. Surveillance Modalities

• Surveillance is conducted through continuous dialogue and persuasion, with a focus on economic developments, risks, and policy choices.
• The Fund promotes frank and open communication, ensuring evenhanded treatment of members and respect for their domestic social and political policies.
• Assessments and advice consider the member's implementation capacity and medium-term policy objectives.

5. Procedures for Surveillance

• Article IV consultations are used for both bilateral and multilateral surveillance, with a transition period of 6 months for implementation.
• The Fund will conduct ad hoc consultations when there are important economic or financial developments that could affect a member’s exchange rate policies.
• Multilateral consultations are initiated by the Managing Director, who may report to the Executive Board or informally advise Directors based on discussions with members.

6. Revisions and Flexibility

• The decision reinserts a provision requiring the Managing Director to consult informally and confidentially with members before recommending a multilateral consultation.
• It aligns language on relevant spillovers between multilateral and bilateral sections.
• The transitional period for the ISD's entry into force is extended from 5 to 6 months.

Key Information

• The revised ISD is designed to ensure guidance and consistency in the Fund’s surveillance activities.
• Bilateral surveillance includes:
  • General oversight of members' policies under Article IV, Section 3(a).
  • Firm surveillance of exchange rate policies under Article IV, Section 3(b).
• Multilateral surveillance involves:
  • Assessing the impact of members’ policies on the international monetary system.
  • Encouraging coordinated policies that contribute to global stability.
• The Fund’s role is to assess and advise, not to impose new obligations.
• The principles for guidance are:
  • Principle A: Avoid manipulation of exchange rates.
  • Principle B: Intervene to counter disorderly conditions.
  • Principle C: Consider the interests of other members in intervention policies.
  • Principle D: Avoid exchange rate policies that cause balance of payments instability.
  • Principle E: Avoid domestic economic and financial policies that cause domestic instability.

Conclusion

The revised decision aims to modernize and integrate the Fund’s surveillance practices, ensuring they remain relevant and responsive to current economic conditions while respecting members' domestic policy autonomy. It emphasizes continuity, flexibility, and multilateral cooperation in the context of global economic and financial stability.