The Interim Committee of the Fund’s Board of Governors, in its communique of September 25, 1989, “encouraged the IMF’s Executive Board to continue improving the analytical and empirical framework underlying multilateral surveillance, including the measurement, determinants, and systemic consequences of international capital flows.” At a meeting in December 1989, the Executive Board decided that the Fund should undertake a study on the measurement of international capital flows. To this end, it was agreed that a working party of national and international balance of payments experts, drawn from industrial and developing member countries, be constituted under the chairmanship of Baron Jean Godeaux of Belgium. To support the Working Party, a small group of technical experts was organized and attached to the Statistics Department of the Fund. An interim report was submitted to the Managing Director in December 1990.