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 sets out Management's response to the Independent Evaluation Office's (IEO) evaluation of IMF Response to the Financial and Economic Crisis. The implementation plan proposes specific actions focusing on the three of the four recommendations that received broad support from the...

This technical note discusses the lessons learned from the financial crisis in Russia in 2008. The note summarizes key findings and recommendations, and analyzes the institutional framework and coordination arrangements for systemic risk monitoring and crisis management. It also covers crisis...

Australia has a history of few bank failures, even fewer financial crises, and its banking sector emerged from the global financial crisis relatively well.1 With an eye toward international developments, the Australian authorities have taken commendable steps to strengthen the financial safety...

In light of the outflow of deposits in Serbia in late 2008 and early 2009, a series of measures were introduced to urgently address stability concerns. These measures included increased deposit insurance coverage, shortened payout periods, introduction of regulations on lenders of last report...

Executive Directors welcomed the report by the Independent Evaluation Office (IEO) on the IMF and the Crises in Greece, Ireland, and Portugal, and appreciated the accompanying statement by the Managing Director. They agreed that the report's findings provide valuable insights and lessons for...

The IMF Executive Board has been considering reforms to strengthen the Fund's mandate to better equip the institution to safeguard global stability. Executive Directors have supported a range of reforms to modernize the Fund's surveillance mandate and modalities. This paper focuses on selected...

Comparing the 1978-82 Uruguayan stabilization with the 1990-94 Mexican experience reveals that exchange rate based stabilization tends to increase the economy’s vulnerability to unexpected shocks. An exchange rate rule, with full capital mobility, can only succeed if compatible financial...