This paper discusses how international financial institutions (IFIs) can deal with new global challenges. The paper highlights that surveillance is the primary responsibility of the IMF. To make it more effective, more attention should be paid to long-term, structural developments that, if left...

This paper examines the construction of the index and its use over the past seven years, identifies its limitations, examines several alternative measures of trade policy, and highlights some options for improving the Fund's use of trade policy indicators