IMF Executive Board Concludes Review of Standards and Codes Initiative
On March 9, 2011 the Executive Board of the International Monetary Fund (IMF) considered a joint IMF/World Bank staff paper on the Standards and Codes Initiative, in line with the Initiative’s requirement of periodic (5-yearly) reviews.
Background
In the aftermath of the Asian financial crisis of the late 1990s, the Standards and Codes Initiative (hereafter ―Initiative) was launched in 1999 as part of the international community’s efforts to strengthen the international financial architecture. Specifically, it was designed to promote greater financial stability both within and across countries through the development, dissemination, adoption, and implementation of international standards and codes. The Initiative’s three main intermediate objectives are to: strengthen member countries’ economic institutions by improving transparency and promoting good governance, inform Fund surveillance and the Bank’s Country Assistance Strategies, and inform market participants to discriminate better among investment opportunities.
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