The systemic importance of financial sector issues and the existence of cross-border policy spillovers have highlighted the need to  BIS central bankers’ speeches  5  ensure: (a) greater interaction between bilateral and multilateral surveillance, and (b) greater focus on the financial sector.
Some progress has already been made on these fronts, but there are limits to what can be realistically achieved on the basis of the existing legal foundations of Fund surveillance. –  5. One option would be a modification of the IMF Articles of Agreement – envisaging stronger obligations on countries’ domestic policies.