15 October 2012

Annual meetings of the IMF

The annual meeting of the International Monetary Fund was held in Tokyo on 12 October, and the meeting of the Fund’s Monetary and Financial Committee (IMFC) was held the day after. Már Guðmundsson, Governor of the Central Bank of Iceland and Iceland’s representative to the Board of Governors of the IMF, attended the meetings. The Governor also met with senior IMF officials and representatives of rating agencies and international banking institutions. On Sunday the Governor participated in a meeting of the Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring Among the Group’s tasks is to develop and stand guard of rules developed in cooperation with the Institute of International Finance.

The Nordic-Baltic Constituency’s speech for the Annual Meeting was delivered by Nils Bernstein, Governor of Danmarks Nationalbank. The Constituency’s representative on the IMFC was Swedish Minister of Finance Anders Borg. Links to the Constituency’s speech and statement to the IMFC can be found below.

The Communiqué of the IMFC states, among other things, that the global output growth outlook has deteriorated, although the forecast is still for continued growth. Considerable risk remains. Key policy actions have been announced internationally, but effective implementation is needed to restore confidence and promote strong, sustainable, and balanced growth. Developed economies need to undertake the necessary structural reforms and enact credible fiscal policies. At the same time, risk is growing among emerging market economies, which need to preserve policy stability in order to respond to shocks and support growth.

For further information, see:

Communiqué of the Twenty-Sixth Meeting of the IMFC

Statement by the Hon. Nils Bernstein, Governor of the IMF for Denmark, on behalf of the Nordic and Baltic Countries (pdf)

Statement by Anders Borg Minister of Finance, Sweden, on behalf of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden (pdf)