2011年-IMF国际货币组织全球_2011_Review_of_the_Standards_and_Codes_Initiative_47页_1010kb

2011 Review of the Standards and Codes Initiative

Core Content

The Standards and Codes Initiative (SCI) was launched in the aftermath of the Asian financial crisis of the late 1990s as part of the broader effort to reform the global financial architecture. It focuses on 12 key policy areas that are essential for sound financial systems, including policy transparency, financial sector regulation and supervision, and market integrity. The Initiative is implemented through Reports on Observance of Standards and Codes (ROSCs), which are prepared by the International Monetary Fund (IMF) and the World Bank.

The Initiative is voluntary, with no centralized system for selecting countries or standards for assessment. ROSCs are typically conducted in the context of Financial Sector Assessment Programs (FSAPs), although some are done independently. The IMF is responsible for standards on data, fiscal transparency, and monetary and financial policy transparency, while the World Bank handles insolvency and creditor rights. The AML/CFT standard is assessed by the Financial Action Task Force (FATF) and FATF-style regional bodies in addition to the IMF and World Bank.

Main Points

• ROSC Coverage: Over the past decade, most countries have undergone one or more ROSCs, but coverage is uneven. The most common assessments are in banking supervision, payment systems, and fiscal transparency.
• Decline in Activity: After peaking in 2003, the number of annual ROSCs has more than halved, with a significant drop in fiscal transparency and data assessments. This reflects budgetary constraints and shifts in priorities.
• Resource Use: Real expenditures on the Initiative have declined by about 40% from 2003 to 2010. The IMF experienced a 42% drop, while the World Bank saw a 31% reduction.
• Future Implications: The Financial Stability Board (FSB) has committed to annual financial stability assessments and peer reviews, which are expected to increase demand for ROSCs, particularly in the financial sector.
• Targeted ROSCs: To improve efficiency, targeted ROSCs have been introduced, focusing on specific risks and vulnerabilities in each country, which may reduce costs and increase relevance.
• Fiscal Transparency: With the post-crisis fiscal adjustment, fiscal transparency assessments are likely to become more important in restoring fiscal sustainability.

Key Standards and Codes

Lessons from Implementation

• The Initiative has been useful for capacity building, helping to identify gaps, set reform agendas, and promote transparency.
• Country ownership and consistent follow-up are essential for successful implementation.
• Market participants find the Initiative less useful due to lack of frequent updates and quantitative data.
• The quality of assessments is generally good, with payment and settlement systems and fiscal transparency assessments being the most highly regarded.
• ROSCs on AML/CFT are more valued by advanced economies, while emerging and developing economies find payment systems and fiscal transparency assessments more useful.

Recommendations

The 2011 Review proposes several reforms:

• Adapt the coverage of the Initiative to better safeguard financial stability.
• Enhance cooperation with other bodies that use ROSCs, while avoiding participation in NCJ-type processes.
• Improve presentation and access to ROSC findings.
• Implement modest changes to enhance resource efficiency.
• Align the Initiative with current needs, particularly in light of second-generation issues.
• Clarify the findings of ROSCs to make them more actionable and relevant.

Key Issues for Discussion

• Prioritization of standard assessments.
• Integration of ROSCs into IMF surveillance and World Bank capacity building.
• Communication with private sector participants.
• Use of ratings in assessing compliance.
• Role of the Fund and Bank in NCJ-type processes.

Conclusion

The Standards and Codes Initiative has played a significant role in promoting financial stability and institutional reform globally. Despite a decline in activity and resources, the Initiative remains well-received by member countries and is expected to see a renewed demand due to the FSB's commitments and ongoing efforts to strengthen financial systems. The 2011 Review highlights the need for adaptation, efficiency, and alignment with current priorities to ensure the Initiative continues to be effective and relevant in the evolving global financial landscape.