Multilateral Consultations are a new tool of multilateral surveillance for the IMF, designed to foster action-oriented debate and policy actions on a problem of systemic or regional importance. The first multilateral consultation focused on facilitating the resolution of global imbalances while...

Target balances are the largest single item in some of the balance sheets of the Eurosystem’s national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs...