The recent financial crisis has given renewed urgency to the need for resolution systems for financial institutions, which both safeguard financial stability and limit moral hazard. However, experience demonstrates that these systems will not be effective unless progress is also made in...

This paper examines the implications of the Fund accepting membership in the Financial Stability Board ('FSB'). The FSB Charter (the ?Charter?) explicitly contemplates the possibility of the Fund and the other international financial institutions becoming members but notes that ?the acceptance...

In light of the recent establishment of the Financial Stability Board (FSB) as an association under Swiss law, this paper proposes Fund membership in the new association. The FSB was formed in 2009 and the Fund's Executive Board approved the Fund's membership in 2010, which has provided the Fund...

The IMF's 2009 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2009, which covers the period from May 1, 2008, through April 30, 2009. The print version of the Report is available in eight...

This paper reviews progress under the Fund's strengthened cooperative strategy on overdue financial obligations. Since the last review, total arrears to the Fund declined by SDR 17.5 million to SDR 1,309.5 million. Payments to the Fund by Sudan and Zimbabwe were in excess of new obligations...

This paper discusses how international financial institutions (IFIs) can deal with new global challenges. The paper highlights that surveillance is the primary responsibility of the IMF. To make it more effective, more attention should be paid to long-term, structural developments that, if left...