IMF to set up working group to review financial sector work

By Reshmi Basu

New York, June 6 - The International Monetary Fund has set up a working group to review the organization of the agency's financial sector and capital markets work in order to provide the agency with an independent perspective on its current financial-sector analysis and surveillance activities, said Rodrigo de Rato, managing director, in a news release.

The group will deliver a report within six months, which will evaluate the effectiveness of the organization and the allocation of the work among departments, in particular, international capital markets and monetary and financial systems, as well as research and policy development and review.

"During the last 15 years, the increasing importance of private capital flows and of a stable and well-functioning financial sector have led to greater emphasis on these factors in the Fund's work," Rato said in the statement. "It is now time to review the ways in which the Fund has adapted."

U.S. Public Company Accounting Oversight Board chairman William J. McDonough is leading the team.

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