Mr. Paul Louis Ceriel Hilbers, Ms. Marina Moretti, and Krueger Russell
As countries in East Asia and elsewhere weigh far-reaching measures to strengthen their financial systems, increase transparency, and address systemic issues affecting their financial sectors, a number of critical questions arise. How can the IMF strengthen its surveillance over countries’ financial systems in the context of Article IV consultations? What indicators of the soundness and vulnerabilities of financial systems (that is, macroprudential indicators) can be used most effectively to monitor financial system stability? Should the international community establish guidelines and standards for the compilation of such indicators and, in general, aim for harmonization of efforts in this area?