IMF reports on its standards and codes initiative

7 Aug 17

The International Monetary Fund's executive board has reviewed its standards and codes initiative.

This was drawn up in the wake of the emerging market crises of the 1990s to improve economic and financial resilience by helping countries to strengthen their economic institutions.

It said the initiative had been successful in identifying vulnerabilities and establishing priorities.

This latest review found the initiative was appreciated by member countries but there was scope to better adapt it to their policy needs and to guide capacity development efforts, support fund surveillance and the World Bank’s operational work.

Executive directors agreed that the initiative continued to make a substantial contribution to promoting international financial stability and that there were no major gaps in its overall architecture.

IMF directors welcomed progress in establishing a standard for crisis resolution and the operation of its assessment methodology, including through close collaboration between the Financial Stability Board as the standard setter and the fund and the bank.

They endorsed the key attributes of effective resolution regimes for financial institutions as they apply to the banking sector and the related assessment methodology, which will underpin work in the crisis resolution and deposit insurance policy area.

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