The IMF has recently made several proposals in order to modernise surveillance, including producing spillover reports and adopting a multilateral surveillance decision. Fund staff have put forward these instruments in order to fill the existing “policy  6  BIS Review 114/2010  gap” in the Fund’s bilateral surveillance.
In addition, the supervisory authorities assessed the situation differently despite having a long-standing relationship in ongoing supervision and information sharing. The differences in the assessment of available information and the sense of urgency complicated the finalization of the whole process.