June 18, 2007
hp-464

Statement by Secretary Paulson on IMF Revision of Exchange Rate Surveillance Framework

Washington, DC--Treasury Secretary Henry M. Paulson, Jr. today issued the following statement on International Monetary Fund Managing Director De Rato's announcement that the Fund revised its framework for exercising surveillance over members' exchange rate policies:

"The United States welcomes the revision, and I want to commend particularly Managing Director De Rato for his leadership on this important issue. The revised decision sends a strong message that the IMF will put exchange rate surveillance back at the core of its duties and rigorously implement its rules on exchange rate surveillance going forward. The revised decision also demonstrates that the IMF is serious about reforming itself and enhancing its legitimacy and relevance in today's global economic and financial system."