Dilemmas of IMF Surveillance: Some Unpleasant Facts in the World of Currency Spats

• Autorzy: Michał Jurek

Warianty tytułu

Problemy nadzoru MFW nad polityką kursową krajów członkowskich - pewne nieprzyjemne fakty w obliczu deprecjacyjnych napięć na rynku walutowym

• Języki publikacji: EN

Abstrakty

EN

This article attempts to analyze the impact of the 2007 Decision on Bilateral Surveillance, adopted by the Executive Board of the International Monetary Fund on June 15th 2007, which defined the scope of surveillance and its modalities anew, thus reviewing the 1977 Decision on Exchange Rate Policy Surveillance and bringing together links between exchange rate policies and domestic policies. The 2007 Decision broadened the area of the Fund's surveillance activities, however, a full implementation of this decision was found difficult due to a serious setback, as the 2007 Decision in practice gave the IMF neither the tools nor a code of conduct which would allow fulfilling the Fund's mandate to promote the stability of exchange rate arrangements. Thus, the International Monetary Fund still remains the 'forum of multilateral monologue', systematically losing control over the exchange rate policies of its members. The low effectiveness of the IMF surveillance over exchange rate policies undermines the international monetary system because of government interference in the foreign exchange market in the aftermath of the current global financial crisis. Taking this into consideration, this paper indicates ways in which the Fund might increase surveillance effectiveness. The main idea is that, in the short-term, the IMF should be more sharply focused on multilateral surveillance. However, in the long-term the amendment of the Articles of Agreement is necessary, as only precisely defining member countries' obligations concerning exchange rate policy, as well as matters concerning this very policy which fall within and exceed the competence of the IMF may enable the Fund to prevent 'currency wars' among competing countries and the destabilization of exchange arrangements worldwide.(original abstract)

W artykule poddano analizie wpływ decyzji, podjętej przez zarząd Międzynarodowego Funduszu Walutowego 15 czerwca 2007 r., w której na nowo zdefiniowano zakres nadzoru i jego formy. Decyzja z 2007 r. rozszerzyła zakres działań funduszu, jednak pełne jej wdrożenie okazało się trudne, ponieważ w praktyce nie wyposażono MFW w narzędzia ani też kodeks postępowania, który pozwoliłby zrealizować mandat funduszu dotyczący wspierania stabilności kursów w skali międzynarodowej. Sprawiło to, że MFW pozostał forum wielostronnego monologu, systematycznie tracąc kontrolę nad polityką kursową krajów członkowskich. Niska skuteczność IMF nadzoru nad polityką kursów walutowych podważa stabilność międzynarodowego systemu walutowego, zwłaszcza że w następstwie obecnego światowego kryzysu finansowego rządy poszczególnych państw zaczęły ingerować w funkcjonowanie rynku walutowego. W artykule zidentyfikowano sposoby, dzięki którym fundusz może zwiększyć skuteczność nadzoru.(abstrakt oryginalny)

Słowa kluczowe

EN

Supervision; Exchange policy

PL

Nadzór; Polityka kursowa

• Czasopismo: Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu
• Rocznik: 2012
• Numer: nr 4 (13)
• Strony: 97--114

Twórcy

autor

Michał Jurek

• Poznań University of Economics, Poland

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