Browse

You are looking at 1 - 10 of 52 items for :

  • Fiscal sector x
  • Civics and Citizenship x
Clear All
International Monetary Fund. European Dept.

Abstract

Growth is strengthening and broadening across Europe, driven by buoyant domestic demand (Figure 1.1). Following a pickup in economic activity in the second half of 2016, the European economy accelerated further in the first half of 2017, with growth outcomes surprising on the upside in most countries.

International Monetary Fund. Independent Evaluation Office

Abstract

The IEO completed an evaluation of the governance of the IMF in 2008 when the stability of the international monetary system was under threat and the relevance and legitimacy of the IMF was in question. The 2008 evaluation assessed the extent to which IMF governance was effective and efficient, and whether it provided sufficient accountability and channels for stakeholder voices to be heard. It concluded that effectiveness had been the strongest aspect of the Fund’s governance while accountability and voice had been the weakest, with the potential to undermine legitimacy and effectiveness if not addressed.

International Monetary Fund. European Dept.

Abstract

The countries of Central, Eastern, and Southeastern Europe (CESEE) have made major progress in raising living standards over the past two and a half decades. This progress was supported by a radical transformation of their economies and institutions. Using case studies and empirical analysis, this chapter explores the role of internal and external factors, particularly accession to the European Union (EU), in supporting reforms to strengthen the effectiveness of the judiciary. The findings suggest that, beyond initial conditions, an enabling environment for judicial reforms was created by factors and policies that (1) improved the distribution of resources and opportunities, (2) upgraded rules and procedures to recruit and train civil servants, and (3) increased transparency and accountability. The European Union and the Council of Europe (CoE) acted as strong external anchors in catalyzing reforms. However, there were also some reversals of reforms, and the sustainability of reforms appears to depend mainly on domestic factors. These findings might offer insights in particular for countries aiming to join the European Union, but also for others seeking to improve the effectiveness of their judiciary.

International Monetary Fund. Independent Evaluation Office

Abstract

The 2008 evaluation assessed the degree to which Fund governance was effective and efficient, and whether it provided sufficient accountability and channels for stakeholders to have their views heard. It focused on institutional structures as well as on the formal and informal relationships among the Fund’s main governance bodies: the Executive Board (“Board”), Management (the Managing Director and Deputy Managing Directors), and the International Monetary and Financial Committee (IMFC). Overall, it found that effectiveness had been the strongest aspect of Fund governance, which allowed for quick and consistent action particularly in times of systemic crisis. On the other hand, accountability and voice had been the weakest aspects, which the evaluation considered would likely undermine legitimacy and effectiveness over the medium term if left unaddressed.

International Monetary Fund. European Dept.

Abstract

Income convergence in the Western Balkans has stalled at low levels.1 Measured in purchasing-power-parity (PPP) terms, income levels in the region today are less than 30 percent what they are in the euro area (Figure 3.1). Equally noteworthy, the ratio has not changed since 2008. This is in sharp contrast to the experience of the New Member States of the European Union (EU), where relative incomes have continued to grow strongly since the global financial crisis and are now at nearly two-thirds those of the euro area. There are many reasons for this disappointing performance,2 including an unfinished transition, exemplified in some countries by a large swath of inefficient state-owned enterprises; shortcomings in the rule of law and the business environment; limited human capital, exacerbated in some countries by significant emigration of qualified human resources, or “brain drain”; and scant and poor-quality public infrastructure. While acknowledging these issues, this chapter focuses on another important plank for the region’s development: the health of its banking sectors. Implicit is the assumption that, even if reforms in the other areas bring about high-quality bankable projects, their potential, and with it overall economic growth, will not be fully realized if banks are not in a good position to fund them.

International Monetary Fund. Independent Evaluation Office

Abstract

Significant progress has been made over the past decade towards reforming IMF governance, notably towards realigning quota and voice with member country positions in the global economy. There have also been numerous developments relative to the Board, Management, and the IMFC since the IEO evaluation. This chapter summarizes these developments as well as highlights areas where there has not been much change since 2008.

International Monetary Fund. Independent Evaluation Office

Abstract

As laid out in Chapter 3, Fund governance has evolved since the 2008 evaluation, aided by various reform initiatives. This chapter analyzes the current state of Fund governance, considering each of the Fund’s main governance bodies—the Board, Management, and the IMFC—in turn. The assessment in this chapter is informed by a desk review of internal documents; data analysis; the views of EDs, country authorities, Management, and senior Fund staff obtained through interviews; and discussions with external experts. Survey responses are presented as supplementary information but are not used as the primary source for findings given low response rates.24