Financial sectors have become more interconnected and a channel for rapid transmission of crises across regions and at a global level. This requires Fund surveillance (in other words its crisis prevention role) to adapt both in substance (what surveillance should do) and modalities (how to do it).
I would like to focus on three major topics: 1.  the analysis of financial sector stability must be strengthened both at global and country level;  2.  bilateral surveillance must be complemented with multilateral surveillance;  3.  the so-called traction of Fund surveillance – the ability and willingness of countries to heed Fund advise – must be improved. Let me elaborate.