Front Matter Page
INTERNATIONAL MONETARY FUND
Bilateral Surveillance Guidance Note
Prepared by the Strategy, Policy, and Review Department In consultation with Other Departments
Approved by Reza Moghadam
October 27, 2009
Updated on December 22, 2010
Contents
I. Introduction
II. Scope of Surveillance: Focus on Stability
III. Operational Priorities for Surveillance
A. Risk Assessment
B. Financial Sector Surveillance and Real-Financial Linkages
C. Multilateral Perspective
D. Analysis of Exchange Rates and External Stability Risks
IV. Other Topics That May Need to Be Covered
A. Issues Within the Mandate of Surveillance
B. Matters Related to Article VIII and XIV
V. Communication
VI. Surveillance Process and Requirements
A. Consultation Cycles
B. Consultations with Members of Currency Unions
C. Process and Documentation
Boxes
1. The Purpose of Surveillance
2. Operational Priorities for Surveillance, 2008–11
3. External and Domestic Stability
Attachments
I. 2007 Surveillance Decision: Principles and Indicators
II. Formal Requirements in Article IV Staff Reports
List of Acronyms
| AML |
Anti-Money Laundering |
| AREAER |
Annual Report on Exchange Arrangements and Exchange Restrictions CA Current Account |
| CFT |
Combating Financing of Terrorism |
| CGER |
Consultative Group on Exchange Rates |
| DSA |
Debt Sustainability Analysis |
| EPA |
Ex-Post Assessment |
| EREER |
Equilibrium Real Effective Exchange Rate |
| EWE |
Early Warning Exercise |
| EXR |
External Relations Department |
| FSAP |
Financial Sector Assessment Program |
| FSSA |
Financial System Stability Assessment |
| FSSGN |
Financial Sector Surveillance Guidance Note |
| FTN |
FSAP Technical Note |
| GFSM |
Government Finance Statistics Manual |
| GFSR |
Global Financial Stability Report |
| LOE |
Languages Other than English |
| MB |
Macro-balance |
| NEAP |
Net External Asset Position |
| OFC |
Offshore Financial Center |
| PSI |
Policy Support Instrument |
| PRGT |
Poverty Reduction and Growth Trust |
| PRS |
Poverty Reduction Strategy |
| PRSP |
Poverty Reduction Strategy Paper |
| REER |
Real Effective Exchange Rate |
| REO |
Regional Economic Outlook |
| ROSC |
Report on the Observance of Standards and Codes |
| SIP |
Selected Issues Paper |
| SSP |
Statement of Surveillance Priorities |
| TA |
Technical Assistance |
| TSR |
Triennial Surveillance Review |
| UFR |
Use of Fund Resources |
| VEA |
Vulnerability Exercises for Advanced Economies |
| VEE |
Vulnerability Exercises for Emerging Markets |
| WEO |
World Economic Outlook |