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Following the 2007–2008 global financial crisis, the G20 leaders tasked the International Monetary Fund (IMF) and the newly created Financial Stability Board (FSB) to jointly undertake Early Warning Exercises (EWEs) in order to identify vulnerabilities within the global financial system and encourage appropriate policy responses. This paper argues that a series of challenges have prevented the EWE from realizing its full potential. In particular, the advantages accruing from the joint nature of the exercise have not been fully realized. The paper then puts forward recommendations intended to improve the process and encourage implementation of EWE findings among national policymakers.