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The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects. Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets. Markets have been buoyed by central bank action in the advanced economies which provides an opportunity to lay the basis for a recovery. Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses-fiscal, financial, and structural. In the Euro area the ESM and the OMT need to be deployed, banking union advanced, and national authorities should implement strong policies to credibly ensure fiscal consolidation over the medium-term and to raise growth and employment. In the U.S., the immediate priority is to resolve the fiscal cliff and raise the debt ceiling, while developing an appropriately ambitious medium-term fiscal consolidation plan. In the Euro area, the Fund will support members' efforts by assisting in the development and monitoring of well-designed adjustment programs and providing analysis and advice on options for banking and fiscal union. For other advanced economies, the Fund will assess the implications of the underlying policy framework.

Monetary policy.

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This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the 'side effects' of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.

Monetary policy.

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The Fund has the responsibility to ensure the effective operation of the international monetary system, thereby promoting economic and financial stability and growth. The recent crisis was a reminder that these goals are best served by Fund surveillance that seeks to ensure that members' financial systems are properly regulated and supervised, and maintain the right balance between dynamism and stability.

Monetary policy.

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This paper provides additional detail for the framework discussed in "Enhancing Surveillance - Interconnectedness and Clusters" through theoretical and empirical analysis of linkages, including case studies of Saudi Arabia, the Asian supply chain, financial interconnectedness and cross-border policy dependence in banking, and the Sweden-Baltic connections. It also provides a detailed primer on network analysis.

Monetary policy.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The Fund has the responsibility to ensure the effective operation of the international monetary system, thereby promoting economic and financial stability and growth. The recent crisis was a reminder that these goals are best served by Fund surveillance that seeks to ensure that members' financial systems are properly regulated and supervised, and maintain the right balance between dynamism and stability.

Monetary policy.