The 2007 Decision distracted the attention of the Fund and the international community from real systemic risks, and delayed policy responses. The revision of the operational guidance in May was a small step in the right direction. We call for a timely thorough review of the 2007 Decision in order to avoid a recurrence of past mistakes.
We welcome the progress achieved with the Early Warning Exercise (EWE), and support the continued cooperation with the FSB to improve EWE methodology and enhance EWE capabilities. With regard to EWE communication issues, the Fund needs to ensure both communication effectiveness and confidentiality of sensitive information. The analytical results of the EWE should be integrated with multilateral and bilateral surveillance.