Abstract
Let me start with some history on the IMF’s changing role in promoting financial system soundness, especially as there have been a number of activities related to financial system soundness that have been converging in the last few years. As you may all know, IMF has been involved in financial sector strengthening for a very long time. It started off as technical assistance in central banking by the so-called Central Banking Service (CBS) in the early 1960s. In the early 1980s the CBS evolved into the Central Banking Department, which 10 years later became the Monetary and Exchange Affairs Department (MAE). It should be noted that MAE in its different incarnations, together with the Fund’s Legal Department, has assisted most of its member countries in putting in place central banking and banking legislation, and setting up monetary management and banking supervision structures and capabilities.
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