After inputs from country authorities, outside experts, and staff; after extensive deliberations at the Executive Board; after further guidance from ministers and governors at the IMFC meetings—after all that, we need to move from diagnosis to action. The goal of making surveillance as interconnected as the world economy remains an inherently long-term endeavor. Nevertheless, building on recent progress, we can do better even in the near term. I want to take this opportunity to put forward some specific measures, based on Executive Directors’ many thoughtful comments and suggestions (Table 1)

This progress report provides a short update on the first year of implementation of the 2011 Triennial Surveillance Review (TSR) in line with the Managing Director’s Statement on Strengthening Surveillance of October 2011. The report does not provide a comprehensive review of surveillance—which will be done in the 2014 TSR. Instead, its purpose is to establish, at an early stage, whether the new operational priorities are being implemented, set out key areas of progress, and discuss the challenges raised in their implementation. The report also identifies areas where further efforts may need to be directed—particularly following the change to the legal framework—to ensure even implementation and delivery of effective surveillance. The report recognizes that, while some measures have been implemented over the past year, others will take more time to come to fruition.

The WTO's Trade Policy Review Mechanism, which reviews the trade policies and practices of each WTO member at regular intervals, is generally considered to function well. In this day and age, complacency is unwise. Examining trade policy reviews throughout the lifetime of the TPRM, this book details its evolution from Article X of the General Agreement on Tariffs and Trade to the proposed modifications resulting from the mechanism's latest appraisal, examining the budgetary capabilities and technical performance of all the main entities who participate in the reviews. On the basis of these considerations, the author concludes that in order to remain relevant, especially in times of increased global protectionism, the TPRM could, and should do better, and provides unique and timely suggestions for reform.

This paper assesses progress in strengthening Fund surveillance and identifies needed improvements. It differs from past reviews insofar as it: (A) encompasses not only bilateral but also multilateral surveillance; and (B) steps-up external inputs in the form of studies by outside observers, commentaries, and assessment of recommendations by an external advisory group.

The Thirty-Seventh Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes documents relating to the IMF, the United Nations, and other international organizations.

The Thirty-Sixth Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relevant to the current activities of the Fund.

In early 2008, the Fund launched ambitious reforms to enhance its ability to deliver the economic and financial analysis, member support, and multilateral collaboration essential to promote global stability. The reform agenda called for: (i) stronger surveillance through sharpened multilateral and regional tools, analysis of macro-financial and international linkages, and greater use of cross-country work in bilateral surveillance; (ii) sharper policy advice for low-income countries, with emphasis on areas of core Fund expertise; (iii) improved capacity building efforts to be augmented by more external fund-raising; and (iv) a modernized governance structure to enhance the Fund’s legitimacy and better reflect its role as a universal institution capable of facilitating global cooperation and action. With the onset of the global financial crisis later in 2008, the Fund also committed to reforming its lending toolkit, including overhauling its concessional support instruments, to ensure that its facilities fully met members’ evolving needs.