Evaluation of IMF Euro area surveillance
Description: The research project aims at providing an independent view of the Fund’s surveillance in the Euro area, with a particular focus on the countries hardest hit by the crisis (Greece, Ireland, Portugal and Spain).
The review would seek to answer questions such as:
- Did bilateral and Euro area surveillance investigate risks in a comprehensive manner?
- Was the monetary union aspect of the euro area adequately considered in bilateral surveillance?
- Did the Fund assess the EU/Euro area frameworks for fiscal coordination, structural surveillance processes, supervision and crisis resolution by looking at both the specific implications for individual countries and the implications for the system as a whole? Were shortcomings identified and communicated
- When risks materialized, was the Fund able to analyze the potential consequences and warn about them? Were potential spillovers considered?
- What are the main lessons to take away from Fund surveillance in Europe? Are there implications for the Fund’s interactions (in the context of surveillance) with individual members and/or regional grouping.
Bruegel lead: Jean Pisani-Ferry
International Monetary Fund
An evaluation of IMF surveillance of the euro area
31st October 2011
By Jean Pisani-Ferry, André Sapir, Guntram B. Wolff
This report evaluates International Monetary Fund surveillance of the euro area in the years before the financial crisis and during 2008-10.