Abstract
The U.S. economy continues to recover at a modest pace, in line with international experience following severe financial crises. The key priority for fiscal policy is to stabilize the debt ratio and gradually reduce it. The fiscal framework should include an endorsement of the main medium-term fiscal objectives. Executive Directors recommend policy efforts to ease the adjustment of the housing and labor markets. Strengthening the domestic and international crisis-prevention architecture for financial institutions should be a priority. A multilateral approach to economic policy management is critical.
Annex I. United States: Fund Relations
(As of May 31, 2011)
I. Membership Status: Joined 12/27/45; Article VIII
II. General Resources Account:
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 42,122.40 | 100.00 | |
| Fund holdings of currency | 28,600.24 | 67.90 | |
| Reserve position in Fund | 13,520.00 | 32.10 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 2,384.80 | ||
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 42,122.40 | 100.00 | |
| Fund holdings of currency | 28,600.24 | 67.90 | |
| Reserve position in Fund | 13,520.00 | 32.10 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 2,384.80 | ||
III. SDR Department:
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 35,315.68 | 100.00 |
| Holdings | 35,697.88 | 101.08 |
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 35,315.68 | 100.00 |
| Holdings | 35,697.88 | 101.08 |
IV. Outstanding Purchases and Loans: None
V. Financial Arrangements: None
VI. Projected Obligations to Fund: None
VII. Exchange Rate Arrangements: The exchange rate of the U.S. dollar floats independently and is determined freely in the foreign exchange market.
VIII. Payments Restrictions. The United States accepted Article VIII of the IMF’s Articles of Agreement and maintains an exchange system free of restrictions and multiple currency practices with the exception of limited restrictions on certain payments and transfers imposed for security reasons. The United States currently administers approximately 30 economic sanctions programs, which restrict certain payments and transfers for transactions against particular foreign governments, entities, and individuals. The United States administers, inter alia, sanctions programs relating to Burma, Cuba, Iran, North Korea, and Sudan, and continues to block certain previously frozen assets of the former Yugoslavia. Several other sanctions programs, including those relating to Côte d’Ivoire, Liberia, Somalia, Syria, Western Balkans, and Zimbabwe are “list-based” programs, affecting only members of certain government regimes and other individuals and groups whose activities have been determined to threaten the foreign policy or economy of the United States. The United States also implements similar list-based sanctions programs against: narcotics traffickers; terrorism-related governments, entities, and individuals; and proliferators of weapons of mass destruction.
IX. Article IV Consultation. The 2010 Article IV consultation was concluded in July 2010 and the Staff Report was published as IMF Country Report No. 10/249. A fiscal ROSC was completed in the context of the 2003 consultation. An FSAP involved two missions, during October 14–November 3, 2009 and February 17–March 12, 2010. The FSSA was discussed at the board, together with the 2010 Article IV Consultation, on July 26, 2010.
The 2011 Article IV discussions were conducted from May 27–June 27, 2011. Concluding meetings with Chairman Bernanke of the Board of Governors of the Federal Reserve System and Treasury Secretary Geithner occurred on June 23 and 27. The Acting Managing Director, Mr. Lipsky, and WHD Director, Mr. Eyzaguirre, participated in the concluding meetings. A press conference on the consultation was held on June 29, 2011. The team comprised (at different times) Rodrigo Valdés (head), Gian Maria Milesi-Ferretti, Charles Kramer, Marcello Estevao, Oya Celasun, Nicoletta Batini, Martin Sommer, Evridiki Tsounta, Grace Bin Li, and Geoffrey Keim (all WHD); Sally Chen (SPR); Francesco Columba and John Kiff (MCM). Ranil Salgado, Nagwa Riad, and Mika Saito (SPR) contributed with advice on trade policy and Steve Dawe (LEG) with analysis on AML/CFT issues. Some meetings were also attended by members of the USA Spillovers team. Ms. Lundsager (Executive Director) and Mr. Lindquist (Advisor) attended some of the meetings. Outreach included discussions with the private sector and think tanks. Unless an objection from the authorities of the United States is received prior to the conclusion of the Board’s consideration, the document will be published.
Annex II. Statistical Issues
Statistical Issues: Comprehensive economic data are available for the United States on a timely basis. The quality, coverage, periodicity, and timeliness of U.S. economic data are adequate for surveillance. Coverage of international capital flows in external sector statistics has been improved, with the June 2007 releases of BOP and IIP data on financial derivatives. The United States has subscribed to the Special Data Dissemination Standard (SDDS) and its metadata are posted on the Dissemination Standard Bulletin Board (DSBB).
United States: Table of Common Indicators Required for Surveillance
(As of June 28, 2011)
Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
United States: Table of Common Indicators Required for Surveillance
(As of June 28, 2011)
| Date of latest observation | Date received | Frequency of data1 | Frequency of reporting1 | Frequency of publication1 | |
|---|---|---|---|---|---|
| Exchange rates | June 24 | June 27 | D | W | W |
| International reserve assets and reserve liabilities of the monetary authorities 2 | June 17 | June 27 | W | W | W |
| Reserve/base money | June 15 | June 23 | B | W | W |
| Broad money | June 13 | June 23 | W | W | W |
| Central bank balance sheet | June 22 | June 23 | W | W | W |
| Interest rates3 | same day | same day | D | D | D |
| Consumer price index | May 2011 | June 15 | M | M | M |
| Revenue, expenditure, balance and composition of financing4—general government5 | 2011 Q1 | June 24 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing4—central government | May 2011 | June 10 | M | M | M |
| Stocks of central government and central government-guaranteed debt | May 2011 | June 6 | M | M | M |
| External current account balance | 2011 Q1 | June 16 | Q | Q | Q |
| Exports and imports of goods and services | Apr. 2011 | June 9 | M | M | M |
| GDP/GNP (3rd release) | 2011 Q1 | June 24 | Q | M | M |
| Gross External Debt | 2011 Q1 | June 9 | Q | Q | Q |
| International Investment Position6 | 2010 | June 28 | A | A | A |
Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
United States: Table of Common Indicators Required for Surveillance
(As of June 28, 2011)
| Date of latest observation | Date received | Frequency of data1 | Frequency of reporting1 | Frequency of publication1 | |
|---|---|---|---|---|---|
| Exchange rates | June 24 | June 27 | D | W | W |
| International reserve assets and reserve liabilities of the monetary authorities 2 | June 17 | June 27 | W | W | W |
| Reserve/base money | June 15 | June 23 | B | W | W |
| Broad money | June 13 | June 23 | W | W | W |
| Central bank balance sheet | June 22 | June 23 | W | W | W |
| Interest rates3 | same day | same day | D | D | D |
| Consumer price index | May 2011 | June 15 | M | M | M |
| Revenue, expenditure, balance and composition of financing4—general government5 | 2011 Q1 | June 24 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing4—central government | May 2011 | June 10 | M | M | M |
| Stocks of central government and central government-guaranteed debt | May 2011 | June 6 | M | M | M |
| External current account balance | 2011 Q1 | June 16 | Q | Q | Q |
| Exports and imports of goods and services | Apr. 2011 | June 9 | M | M | M |
| GDP/GNP (3rd release) | 2011 Q1 | June 24 | Q | M | M |
| Gross External Debt | 2011 Q1 | June 9 | Q | Q | Q |
| International Investment Position6 | 2010 | June 28 | A | A | A |
Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.