Advanced economies, in particular the US, have not taken IMF advice fully into consideration in their decision-making. Emerging economies, partly following the example given by the advanced countries, have also attached less importance to IMF surveillance. The accumulation of external assets has made them less dependent on IMF funding and advice. For example, the IMF has not succeeded in completing an Art.
IV surveillance programme with China since 2006. Furthermore, the IMF has been reproached by emerging market economies of lacking legitimacy, in view of their relatively low quota and representation. What is the lesson to be learned from the experience of the last ten years and from the crisis?