Independent group to review IMF's financial sector, capital markets work

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Page 172

IMF Managing Director Rodrigo de Rato on June 6 announced the formation of a Review Group on the Organization of Financial Sector and Capital Markets Work in the IMF.William J.McDonough, Chair of the U.S. Public Company Accounting Oversight Board and former President of the Federal Reserve Bank of New York, will head the group, which has been formed to provide the IMF with an independent perspective on its financial sector and capital markets work, and how this work is allocated among its departments, especially the International Capital Markets and the Monetary and Financial Systems Departments, as well as the Research and the Policy Development and Review Departments.

The rising importance of private capital flows and of a stable and well-functioning financial sector have led to a greater emphasis on these areas in the IMF's work. "It is now time," de Rato said, "to review the ways in which the IMF has adapted."

Also, as part of an ongoing strategic review of the IMF, the organization's Executive Board has asked that increased attention be given to financial regulation and oversight and to the determinants of capital flows and their regulation. "This increased attention would mean that in Article IV surveillance, IMF missions would increasingly...