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- W2558296875 abstract "Summary The process is underway in East Asia to establish an independent surveillance unit to support decision-making in the Chiang Mai Initiative Multilateralization (CMIM). The paper reviews the principles of surveillance, discusses how they have applied to IMF surveillance in practice, and draws lessons for designing an effective regional surveillance mechanism. The need for such a mechanism in East Asia is both immediate and evolving. For the immediate need, surveillance must meet the operational requirements of the CMIM. At the same time, it must also respond to East Asias evolving need for a formal framework of policy dialogue and cooperation. A review of the rich literature on IMF surveillance has identified at least five organizing principles for an effective regional surveillance mechanism, including: (i) clearly define the purpose of surveillance, (ii) centralize surveillance activities in a single organizational unit, (iii) use objective indicators to inform analysis, (iv) design the governance structure to ensure independence, and (v) provide analysis and recommendations directly to senior policymakers in order to exploit peer pressure. Of these, defining the purpose of surveillance may be the most fundamental requirement for effective surveillance because agreement on the purpose presupposes the surrender by member governments of part of national sovereignty essential for successful policy cooperation. Peer pressure as the primary channel of influence does not preclude active engagement with the public because it is after all through the political process that policymakers are motivated to take action. The surveillance unit should therefore operate with the presumption that it makes a full and complete disclosure of any analysis, view, or information it possesses to the public except when privileged information is involved. To the extent that the quality of the people ultimately determines the quality of the outputs, it is paramount to staff the unit with competent professionals on the basis of merits alone." @default.
- W2558296875 created "2016-12-08" @default.
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- W2558296875 date "2010-01-01" @default.
- W2558296875 modified "2023-09-24" @default.
- W2558296875 title "Designing a Regional Surveillance Mechanism for East Asia: Lessons from IMF Surveillance" @default.
- W2558296875 cites W1878586102 @default.
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