But the tasks of surveillance – of assessing vulnerabilities affecting the financial system and of identifying the actions needed to address them – are far more demanding. Even more demanding is the task of overseeing the actions that countries should be implementing to deal with those vulnerabilities.
It is puzzling that in defining the tasks of the FSB, the G-20 mentions the IMF only in the context of joint Early Warning Exercises, and not in the context of surveillance and oversight of policies to strengthen national and international financial systems. It is important for the stability of the international financial system that this issue be clarified. IV.