Since 2009, the IMF has profoundly transformed all of its major policies in governance, surveillance, lending, and resources; leading to an institutional metamorphosis. This work looks at the fundamental changes in Fund´s main policies focusing on two broad questions: (i) what has been done?,...

The International Monetary Fund has significantly improved its surveillance of the EU and the euro area, along the lines suggested by the Fund’s 2011 Triennial Surveillance Review and in application of its 2012 Integrated Surveillance Decision. Nonetheless, there is still margin for further...

The last decade has been characterised by the pronounced volatility of capital flows. While cross-border capital flows can have many benefits for both advanced and emerging market economies, they may also carry risks, which require appropriate policy responses. Disentangling the push from the...