Written on Friday, April 19, 2013
Event New Rules for Global Finance Co-Sponsored at the IMF-World Bank Spring Meetings 2013
Dissecting the IMF-FSB Early Warning Exercise
- Clarify the purpose and scope of the EWE
- Increase the level and diversity of consultation with outside stakeholders in preparations of the EWE
- Increase the organizational capacity of the FSB
- Create a publication to showcase the core findings of the EWE
- Emphasize areas of productive disagreement in the presentation of the EWE
This session provided the public with information regarding the Financial Stability Board (FSB) and their early warning exercise, discussion with members of Civil Society Organizations (CSOs) on the challenges inherent in the process, highlight areas of concern, and seek CSO feedback on proposed recommendations.
The policy paper, Coordination Critical to Ensuring the Early Warning Exercise Is Effective, concluded that the International Monetary Fund (IMF) and FSB need significantly improved coordination to effectively identify and flag potential crises in the global economy.
CIGI Senior Fellow Bessma Momani her co-authors (Dustyn Lanz, Skylar Brooks and Michael Cockburn) and New Rules’ Nathan Coplin examined the effectiveness, visibility and impact of the early warning exercise (EWE).
The panelists argued that EWE suffers from “unclear goals, a lack of coordination, geographical separation, insufficient organizational capacity and ad hoc procedures.”
-> Video Recording via YouTube (click here)