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Recent events make clear that the global economy remains vulnerable, and that important work remains to be done to secure the recovery and prevent future crises. We must adapt to new challenges and ensure that the institution is equipped with the right tools to assess pressing risks to global stability and, when crisis prevention efforts are not enough, with the right instruments to restore confidence.

Financial crises.

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Face à la crise que nous traversons, il nous faut prendre de la distance, replacer ce moment dans le cadre plus large des grandes mutations que nous avons déjà connues, apercevoir le cycle qui s'achève et le nouvel ordre qui s'ouvre. Dans cette période critique, où les défis sont cruciaux et le pire - possible, gardons à l'esprit cette certitude : l'improbable peut toujours survenir. Même lorsque tout concourt à la catastrophe, la complexité du réel peut donner naissance à des situations inattendues. Tenons-nous prêts à accueillir l'improbable, demeurons attentifs à l'usage positif de cette crise, voyons là une chance d'un nouveau rapport au pouvoir démocratique, à la richesse monétaire et, pour finir, au sens.

Social change --- Crises (Philosophy)

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The broader governance reform debate-which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability-has not got very far in garnering a consensus at the Executive Board. This is the case even though, in political circles, including the IMFC, and in civil society, expectations are high that the institution will tackle reforms key to its long-term effectiveness and legitimacy. The impasse reflects many factors. Partly it is a matter of not being convinced that governance is nearly as important as quota shares, partly of disagreement over the specifics of various proposals, and partly of concern that the conflation of quotas with governance-the 'package approach'-risks delaying the pivotal quota rebalancing exercise, scheduled to be completed before January 2011. This paper lays out the main governance issues, while putting forward variants of reform proposals that might command broader support. It takes as given that, even if quota reform has its own logic and deadline, this does not preclude parallel consideration of-and possibly decisions on-governance reforms, which can help make the case to domestic and international audiences that a broader reform of the Fund is underway.

Monetary policy. --- Financial crises.

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This paper presents the staff analysis underpinning two central elements of the proposal to make financial stability assessments under the FSAP mandatory for members with systemically important financial sectors: the definition of systemic importance used in the paper and the methodology for identifying members with systemically important financial sectors (Section II); and the review of the literature and industry practices that form the basis for the staff proposal to conduct these mandatory financial stability assessments at a frequency of about three years (Section III).

Financial crises. --- Financial statistics.

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This report by the external panel of experts ('the panel') examines the effectiveness and appropriateness of the safeguards policy over the ten years since the inception of the policy, and most particularly in the five years since its last review. Furthermore, the panel, drawing on its research and experience, aims to establish a course for the Executive Board to consider that would help the safeguards policy continually improve, adapt to changing world conditions, and remain viable and relevant for the next decade. In gathering data to form its opinion, the panel (i) consulted with stakeholders in the policy (including central bank authorities, IMF Executive Directors' offices, Fund and World Bank staff, and international audit firms), (ii) examined safeguards and other Fund-specific documents, and (iii) researched international reference materials.

Financial crises. --- Monetary policy.