The Changing Role of IMF in Asia and Globally
The Changing Role of the IMF in Asia and the Global Economy :
It is an exciting time for the Fund. We are in the process of implementing a new Medium-Term Strategy, with the aim of adapting the institution to help our members deal with the challenges of 21st century globalization. These include issues like greatly increased capital flows which permit current account payments imbalances on an unprecedented scale; integrated financial markets that are both more complex and subject to more rapid change and development than in the past, and the emergence of new economic powers. These developments give rise to great opportunities but also to serious challenges. I believe that if the Fund is to remain relevant to its members, including those in Asia, both its work and its governance structure must be adapted to these new realities.
4. To set the stage, I will begin with a bit of background on the International Monetary Fund. The Fund is a unique, global institution. Almost every country in the world is a member: currently 184 countries with 98 percent of the world's population. Our tasks are to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.
5. One of the most important functions the Fund performs is its surveillance of the international monetary system and of the global economy. By surveillance I mean both monitoring of the global economy and the Fund's discussions—consultations—with individual members on their economies. The IMF is a unique global institution, because every country's policies are assessed by an independent staff, and are subject to peer review by an Executive Board representing all of the membership. In addition, building on the analysis of individual countries, the Fund makes an objective assessment of the global economy and publishes its assessment twice a year in our World Economic Outlook.
6. At the moment, the global
It is an exciting time for the Fund. We are in the process of implementing a new Medium-Term Strategy, with the aim of adapting the institution to help our members deal with the challenges of 21st century globalization. These include issues like greatly increased capital flows which permit current account payments imbalances on an unprecedented scale; integrated financial markets that are both more complex and subject to more rapid change and development than in the past, and the emergence of new economic powers. These developments give rise to great opportunities but also to serious challenges. I believe that if the Fund is to remain relevant to its members, including those in Asia, both its work and its governance structure must be adapted to these new realities.
4. To set the stage, I will begin with a bit of background on the International Monetary Fund. The Fund is a unique, global institution. Almost every country in the world is a member: currently 184 countries with 98 percent of the world's population. Our tasks are to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.
5. One of the most important functions the Fund performs is its surveillance of the international monetary system and of the global economy. By surveillance I mean both monitoring of the global economy and the Fund's discussions—consultations—with individual members on their economies. The IMF is a unique global institution, because every country's policies are assessed by an independent staff, and are subject to peer review by an Executive Board representing all of the membership. In addition, building on the analysis of individual countries, the Fund makes an objective assessment of the global economy and publishes its assessment twice a year in our World Economic Outlook.
6. At the moment, the global