Discussions of quantitative easing termination and exit strategies are likely to be at the tops of the agendas in advanced economies in the near future, and reviews of action plans for the normalization process are being carried out.
More generally, the Fund’s Articles may need altering based on the discussion of the rules of the game. Moreover, although broader surveillance by the Fund of its members’ exchange rate policies, and other policies with significant financial sector spillovers, and perhaps public statements about such policies can have signaling effects, countries are not obligated to follow Fund advice unless in a program.