Chapter

Annex 1. IMF-Centric Timeline of Events, August 2007–December 2013

Author(s):
International Monetary Fund. Independent Evaluation Office
Published Date:
January 2015
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August–December 2007

  • U.S. sub-prime collapse, diminished liquidity in interbank markets (August)

  • ECB injects €95 billion into market (August)

  • IMFC: strong fundamentals, robust EMDC growth (October)

  • MD external message: IMF has key role to play in “credit crunch” (November)

  • MD internal message: cut $100 million from administrative budget (November)

2008

  • IMF Board approves new income model (March); “downsizing”(April)

  • MD indicates shift in focus to global financial and economic concerns (July)

  • Lehman Brothers files for bankruptcy; credit markets freeze (mid-September)

  • IMFC calls on the IMF to recommend actions to restore confidence and stability (October)

  • Japan initiates contributions to IMF, pledges $100 billion (November)

  • IMF MD calls for coordinated global fiscal stimulus at the G20 Leaders’ Summit in Washington (November)

  • Federal Reserve announces QE (November)

  • G20 leaders call for expanded Financial Stability Forum (November)

  • IMF Board approves SBAs for Ukraine, Hungary, Iceland, Pakistan (November); Latvia (December)

  • IMF releases Staff Policy Note on “Fiscal Policy for the Crisis”(December)

  • IMF continues with implementation of the “downsizing”

2009

  • Vienna Initiative launched (January)

  • IMF staff releases “Initial Lessons of the Crisis” paper (February)

  • IMF Board approves lending toolkit reforms: doubles access limits; eliminates Structural Performance Criteria; creates FCL (March)

  • IMF Vulnerability Exercise for Advanced Countries launched (March)

  • IMF Board approves Mexico FCL (April)

  • G20 agreement to treble IMF lending resources to $750 billion (London Summit) (April)

  • FSB established; IMF/FSB Inaugural EWE is conducted (April)

  • IMF Board approves FCL for Poland, Colombia (May)

  • IMF launches Fiscal Monitor (July)

  • “Downsizing” ends: 25 percent of senior staff have exited the IMF (May)

  • IMF Governors approve SDR allocation (August)

  • G20 Pittsburgh Summit: G20 launches MAP; announces fulfillment of promise to contribute over $500 billion to expanded NAB (September)

  • IMF revamps FSAP, introduces Risk Assessment Matrix (September)

  • EWE methodology introduced at IMF/FSB workshop (October)

  • IMF: agreement reached to expand NAB (November)

  • IMF Board approves 13 SBAs (2009)

2010

  • IMF issues “Exiting from Crisis Intervention Policies” (February)

  • Enhanced cooperation between EU, ECB, and IMF to assist euro members develops as the Troika (March)

  • G20 Toronto Summit: first G20 MAP presented (June)

  • IMF Board approves IMF membership in the FSB (September)

  • IMF Board endorses mandatory minimum five-year FSSAs for top 25 systemic financial centers (September)

  • G20 Finance Ministers agree to double IMF member quotas (October)

  • Federal Reserve announces QE2 (November)

  • IMF Governors approve 14th General Review of Quotas (December)

  • IMF Board approves 8 SBAs (2010)

2011

  • IMF approves PCL for Macedonia (January)

  • New and enhanced NAB approved and activated (April)

  • IMF Board begins discussion on macro-prudential policy framework (April)

  • IMF approves EFF for Portugal (May)

  • Strauss-Kahn resigns as IMF MD (May); Lagarde appointed (July)

  • First Consolidated Spillover Report on Systemic-5 Economies issued (July)

  • ECB injects over €1 trillion into euro area financial institutions (December)

  • Euro area countries commit to providing additional resources to the IMF (December)

2012

  • Vienna Initiative relaunched as “Vienna 2” in response to renewed risks (January)

  • G20 finance ministers announce new round of bilateral borrowing commitments for the IMF ($430 billion) (April)

  • IMF Global-Risk Assessment Matrix and Pilot External Sector Report introduced (June)

  • IMF Board completes 2011 Review of Conditionality (September)

  • Federal Reserve announces QE3 (September)

  • MD’s Global Policy Agenda to the IMFC: the world economy has slowed more than anticipated; quota and governance reforms must be completed (October)

2013

  • ISD takes effect (January)

  • IMF January 2013 deadline to complete quota formula review passes with no action

  • IMF Board discusses “Unconventional Monetary Policies” (April)

  • U.S. General Accounting Office announces assessment of international financial regulatory reform in the face of the crisis, including activities of the IMF (May)

  • IMF Board discusses “Key Aspects of Macro-Prudential Policy” (July)

  • G20 Summit: IMF MD takes note that many emerging markets are slowing (September)

  • IMFC: downside growth risks persist (October)

  • Federal Reserve announces tapering of QE3 (December)

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