Economic and Monetary Union
Implications of EMU for IMF Surveillance
Michael C. Deppler
How will EMU affect the way the IMF monitors economic developments in its
Policy Challenges for
the Euro Area
Klaas Knot, Donogh McDonald, and Karen Swiderski
Improved economic performance and a sound policy framework in the euro
area provide a solid basis for EMU. But important challenges remain: making an eclectic
approach to monetary policy transparent, strengthening public finances further, addressing
the structural causes of high unemployment, and ensuring an appropriate mix of economic
The Euro Area
and the World Economy
John Green and Phillip L. Swagel
European monetary union will bring both new opportunities and fresh
challenges for economic policies in countries outside the euro area.
Financial Stability in the Euro Area
Alessandro Prati and Garry J. Schinasi
The introduction of the euro is expected to spur the creation of
pan-European financial institutions and markets, with considerable benefits for consumers
and investors. Challenges remain within the euro area institutional framework for the
management of systemic risk and financial crises.
Liberalization and the IMF
Barry Eichengreen and Michael Mussa
Capital account liberalization may have substantial benefits, but recent
experience also underscores its risks. How should liberalization be sequenced and managed
to ensure that the benefits dominate?
Capital Account Liberalization
R. Barry Johnston
A country that is liberalizing its capital account faces the challenges of
strengthening financial institutions to ensure they are capable of operating in a more
market-oriented system and deciding how to achieve monetary aims and maintain
macroeconomic stability in a freer, more open environment.
Account Liberalization in the Southern Mediterranean
Saleh M. Nsouli and Mounir Rached
The debate on capital mobility has intensified in the wake of East Asia's
recent financial crisis, largely because of the risk of sudden reversals. The crisis
demonstrates the importance of a strong macroeconomic stance, sound institutions, and an
orderly sequencing of reforms to maximize the benefits and minimize the risks of capital
Crises in Emerging Markets
Donald J. Mathieson, Anthony Richards, and Sunil Sharma
Since 1982, emerging markets have been rocked by three major financial
crises. How can they manage the risks associated with greater integration into the
international financial system?
Daniel C. Hardy
Many countries have experienced financial sector distress at some time.
Although bank failures can come as a surprise, information is often available that can
signal a banking system's vulnerability to crisis.
Policy in Russia
Tomás J.T. Balińo
Over the last few years, Russia has succeeded in developing the tools to
carry out an effective monetary policy in a market economy. What monetary policy
instruments has the central bank used to achieve this objective, and what lessons has it
learned in the process?
Boards a Cure for All Monetary Problems?
Charles Enoch and Anne-Marie Gulde
Currency board arrangements may be coming back into fashion. What recent
successes have countries had with currency boards and in what circumstances are they most
likely to be effective?
Grandmotherliness to Governance: The Evolution of IMF Conditionality
IMF conditionality has evolved steadily over the years. It continues to
evolve. Recent developments have produced both a fresh approach and new challenges.