The EU is deliberating the introduction of an explicit ""European mandate"" for financial sector supervisors to supplement national mandates. Suggestions are made on (i) the formulation of a European mandate; (ii) the policy areas to which it should apply; (iii) which institutions should be given...

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the 'SFA Instrument'). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a...

In a previous assessment, it was concluded that the British Virgin Islands (BVI) regulatory system governing securities markets functioned well overall, but required improvement in certain areas. Those areas are implemented with regulatory code, Securities and Investment Business Act (SIBA),...

This paper discusses reasons functions of the IMF, why it needs more resources, and how these resources will be used. The IMF provides a forum for cooperation, having as its objective the balanced expansion of international trade in order to stimulate employment and improve economic conditions...

This Selected Issues paper assesses the fiscal risk impact of various events in Tonga and describes the challenges implied for fiscal management. The paper discusses that the Tongan government has made various efforts to limit the budgetary implications of the recent economic and political...

This paper examines the IMF's concepts of convertibility and gives some impression of their purposes. The central concept of convertibility in the Articles is the convertibility of Article VIII, Sections 2, 3, and 4. Under it, the basic rule is that members must avoid restrictions on the making...

This paper highlights key issues pertinent for the understanding of international effects of domestic tax policies and of international tax harmonization. The analytical framework adopts the saving-investment balance approach to the analysis of international economic interdependence focusing on...

An introductory guide to the IMF’s technical assistance. Providing technical assistance to member countries-particularly developing countries and countries in transition-is at the core of the IMF’s mission. Technical assistance, which includes training for government and central banks...