Link to the University of Pittsburgh
Link to the University Library SystemContact us link
AEI Banner

An evaluation of IMF surveillance of the euro area. Bruegel Blueprint 14, 31st October 2011

Pisani-Ferry, Jean and Sapir, André and Wolff, Guntram B. (2011) An evaluation of IMF surveillance of the euro area. Bruegel Blueprint 14, 31st October 2011. [Policy Paper]

[img]
Preview
PDF - Published Version
Download (690Kb) | Preview

    Abstract

    The euro-area crisis has exposed deep deficiencies in the governance of European Economic and Monetary Union. However, crisis prevention in, and surveillance of, the euro area are not only the responsibility of European authorities. As members of the International Monetary Fund, all euro-area countries are also subject to regular bilateral IMF surveillance. The currency union as a whole is also subject to regular IMF surveillance. This report analyses the IMF’s surveillance of the euro area. We find that it suffered from severe shortcomings in the run-up to the financial crisis, but after the start of the crisis in 2008, IMF surveillance of the euro area greatly improved, with the IMF correctly proposing measures to counter depression risks and warning about banking sector problems. By the time the sovereign-debt crisis hit the currency union in early 2010, the IMF was ready to play an influential role. The slow European response meant this was indispensable.

    Export/Citation:EndNote | BibTeX | Dublin Core | ASCII (Chicago style) | HTML Citation | OpenURL
    Social Networking:
    Item Type: Policy Paper
    Subjects for non-EU documents: Other international institutions > IMF
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Blueprint Series
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 15 Nov 2011 10:09
    Number of Pages: 57
    Last Modified: 15 Nov 2011 10:09
    URI: http://aei.pitt.edu/id/eprint/32864

    Actions (login required)

    View Item

    Document Downloads