•  what is the proper role for the IMF and other supra-national bodies, not just as occasional lenders to individual nations, but as custodians of the international system all the time? 8  BIS Review 101/2007  The recent “review” of the “1977 Exchange Rate Decision” by the IMF is a start on this discussion.
It revises an agreed set of words from 30 years ago to form a more up-to-date basis for guidance to IMF members about exchange rate policies, and provides a framework for surveillance by the IMF membership of those policies. This is a good start, but only a start. The key will be the way the surveillance is actually implemented.