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International Monetary Fund. Independent Evaluation Office

, “typically an indicative floor on social or other priority spending, whenever possible” ( IMF, 2012a ). In 2014, the guidance added that, for all programs, “if feasible and appropriate, any adverse effects of program measures on the most vulnerable should be mitigated” 19 ( IMF, 2014c ). However, it did not elaborate on how this should be implemented. 18. Guidelines on how to work with other institutions on social protection emphasized relying on development partners’ expertise. 20 IMF guidance on collaboration with the World Bank has laid out the division of labor

International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland in the area of the macroprudential policy framework. The current institutional arrangement in Ireland is appropriate for effective macroprudential policy and in line with IMF guidance. The Central Bank of Ireland’s analysis of systemic vulnerabilities is sophisticated and timely. The central bank has been introducing a range of macroprudential instruments to contain a buildup of systemic risk in the financial system. Ireland’s boom-bust experience amply demonstrates the need for forward-looking action to head off incipient financial problems.
International Monetary Fund. Monetary and Capital Markets Department

institutional arrangement in Ireland, which are deemed to be appropriate for effective macroprudential policy and in line with IMF guidance . The review evaluates the arrangement according to three key principles: (i) willingness to act in the face of potential opposition, thereby countering inaction bias; (ii) ability to act, through access to data, resources and regulatory powers; and (iii) cooperation across all agencies in both domestic and cross-border dimensions. 7 Mechanisms are also evaluated for cooperation among domestic and international bodies under the SSM

Mr. Saleh M. Nsouli and Ms. Françoise Le Gall

. 2 The paper focuses on sub-Saharan Africa, but in some cases, also points to experience in North African countries. 3 This section draws heavily on two IMF sources: “Report of the Managing Director to the International Monetary and Financial Committee on Progress in Strengthening the Architecture of the International Financial System and Reform of the IMF,” September 19, 2000; and “Reforming the International Financial Architecture—Progress Through 2000,” March 9, 2001. 4 The IMF Guidance Note on Governance (1997c) defines good governance in terms

International Monetary Fund. Middle East and Central Asia Dept.

with recent IMF guidance for resource-rich developing countries. A fiscal rule and strong institutional arrangements consistent with international best practice could strengthen fiscal discipline, particularly at times of high oil prices, boost fiscal sustainability, and promote a sound management of oil revenue. Directors supported the readiness of the Central Bank of Azerbaijan (CBA) to tighten monetary policy if price pressures intensify. They also suggested that the CBA discontinue its direct lending to the real economy, which was meant to be a temporary

International Monetary Fund. Monetary and Capital Markets Department

foster sound macroprudential frameworks across Europe, the European Systemic Risk Board (ESRB) can issue recommendations on a “comply or explain” basis to Member States, covering all segments in the financial systems (both banks and non-banks) of all the EU member countries. The current institutional arrangement in Ireland is appropriate for effective macroprudential policy and in line with IMF guidance . As part of the Ireland FSAP assessment, the current macroprudential policy framework is evaluated according to three key principles: (i) willingness to act in the

International Monetary Fund. Monetary and Capital Markets Department

Executive Summary Malta’s institutional framework for macroprudential policy, formalized in 2014, is broadly in line with the IMF guidance for effective macroprudential policymaking . Amendments to the Central Bank of Malta (CBM) Act designated the CBM as the national macroprudential authority with clear objectives and the power to formulate and implement macroprudential policy and instruments. The CBM has a dedicated department to pursue its statutory macroprudential functions and various communication tools to ensure accountability and transparency. The