2012年-IMF国际货币组织全球_Managing_Director39s_Action_Plan_to_the_International_Monetary_and_Financial_Committee_4页_279kb

MANAGING DIRECTOR'S ACTION PLAN SUMMARY

Core Content

The Managing Director's Action Plan, presented at the IMF Council meeting in April 2012, outlines a comprehensive strategy to address global financial risks and strengthen the IMF's role in promoting economic stability. It emphasizes the need for coordinated policy actions, improved surveillance mechanisms, and enhanced institutional frameworks to navigate ongoing economic challenges.

Main Challenges and Risks

• Europe: Despite recent progress in stabilizing the region, risks persist due to potential stress re-emergence, higher oil prices, and the need for structural reforms.
• Global Economy: Risks include protracted low growth, rapid fiscal consolidation, deleveraging, and uncertain policy frameworks in key advanced economies.
• Emerging Markets: Face inflation risks, volatile capital flows, and the consequences of extended credit booms.
• Regulatory Reforms: Delays in global regulatory reforms pose significant threats to financial stability.

Immediate Priorities

1. Europe

• Country-level support: Implementation of well-designed adjustment programs and drawing early lessons from program reviews and Fund conditionality.
• Pan-European policies: Support for fiscal, financial, and regulatory reforms, and continuous assessment of growth and competitiveness.
• Structural reforms: Promote growth and jobs through policy advice and macroeconomic strategies.

2. Broader Membership

• Policy coordination: Analyze fiscal consolidation, job creation, and fiscal risk.
• Arab countries: Assist in transitioning economies through policy advice, lending, technical assistance, and collaboration with international bodies.
• Emerging markets: Provide guidance on balancing current risks with long-term growth and address medium-term challenges like high public debt and demographic shifts.
• Fragile situations: Offer support to vulnerable members and focus on small states.
• LICs (Low-Income Countries): Review concessional financing, assess global risk exposure, and improve financial deepening and natural resource management.

3. Adequate Safety Net

• Fund resources: The IMF should raise its resources by at least $400 billion, with $285 billion already pledged. Japan and other countries have contributed significantly.
• Resource modalities: The Executive Board should finalize the process for raising resources with safeguards.
• LIC financing: Complete the 2009 LIC financing package and address the long-term sustainability of the PRGT by September 2012.

Architecture for Global Cooperation

1. Enhancing Surveillance

• Unified spillover report: Prepare a report for the five systemic economies to better integrate country and global surveillance.
• External sector report: Analyze external stability and the drivers of imbalances.
• Integrated surveillance decision: Institutionalize the coordination of bilateral and multilateral perspectives.
• Institutional culture: Use cross-departmental task forces to improve the quality of surveillance reports.
• Financial sector strategy: Develop a strategy with partners like the Financial Stability Board, focusing on macro-financial linkages, data gaps, and cross-border resolution frameworks.
• Debt vulnerabilities: Strengthen the assessment of debt issues across the membership.
• Capital flows: Create a balanced and flexible approach to managing capital inflows.

2. Governance

• Quota and governance reform: Implement the 2010 quota reform and review the quota formula by January 2013.
• Board reform: Achieve acceptance of the Board reform amendment by 113 members with 85% of voting power.
• Quota increase: Contingent on Board reform and member consent, with 70% of quotas already approved.
• Election rules: Consider voluntary re-composition of the Board to increase representation from emerging and developing economies.
• Staff diversity: Enhance diversity in the Fund's workforce, including professional backgrounds, and monitor progress closely.

Key Information

• Progress: The September 2011 Action Plan has seen good progress, but many elements remain incomplete.
• IMF's role: The Fund continues to provide policy advice, financing, and technical assistance to all members.
• Global coordination: Emphasis on collective and cooperative actions to avoid a relapse into crisis.
• Timeline: Important milestones include completing the quota formula review by January 2013 and finalizing the PRGT sustainability by September 2012.

Conclusion

The Action Plan underscores the importance of a unified, proactive, and inclusive approach to global economic stability. It calls for enhanced surveillance, stronger institutional frameworks, and a more representative governance structure to ensure the IMF remains effective in its mission.