Common exit considerations When we consider the monetary and fiscal exit from a common perspective, it is often argued that it is preferable that fiscal policy adjusts earlier and more forcefully than monetary policy. Ceteris paribus, a tighter fiscal stance means less inflationary pressure and more subdued inflation expectations.
In February 2003 the IMF concluded that exceptional access should be reserved for truly exceptional cases, access limits must be strictly adhered to, and the four criteria for exceptional access must be fulfilled. Will the agreed principles pass future tests? Alternatively, should the Fund have a free hand in resolving crises?