For the time being—and possibly for a considerable time to come—developments and prospects for the euro area are quite favorable. This upbeat outlook is underpinned by buoyant activity indicators and a supportive policy mix. High household and business confidence, rising capacity utilization...

I would like to thank the Independent Evaluation Office (IEO) for preparing this informative and timely report, which provides an update on the IMF's progress in its approach to exchange rate policy advice since 2007. I am pleased with its main finding that the IMF has substantially overhauled...

The paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and...

Review the quality of the Fund staff's analysis and policy advice on exchange rate issues. The Fund is sometimes criticized for not taking a sufficiently clear position on several exchange rate issues, ranging from the assessment of the level of exchange rates to the description of exchange rate...