According to the IEO survey, authorities of many large emerging market economies found that the surveillance process added little value and offered very limited perspectives and that their advice failed to take into account country-specific factors. •  Advice by the Fund should stem from a complete understanding of not only macroeconomic, but also social and political settings of a country.
8  Diversity is sometimes referred to as heterogeneity or divergences: in my view, diversity might be more appropriate in most cases because a significant degree of dispersion looks like not a defect but a fundamental feature of any vast continental economy like the US or the euro area.