The IMF Regional Office for Romania and Bulgaria was established in September 2006, succeeding the Resident Representative Office for Romania. Its primary objective is to enhance the Fund's ability to carry out surveillance in Romania and Bulgaria, which is the core Fund activity in these countries after they joined the EU in January 2007.
Separate teams cover Bulgaria and Romania from IMF headquarters in Washington, DC.
Surveillance in its present form was established by Article IV of the IMF Articles of Agreement as revised in 2007, after a previous revision in late 1970s . To ensure that surveillance evolves to remain effective in the globalized 21st century, the IMF is implementing a Medium-Term Strategy.
The 2007 Decision on Bilateral Surveillance In June 2007, the policy framework of surveillance received a major update, its first since the 1970s, through the new Decision on Bilateral Surveillance Over Members' Policies, which also sought to codify best practice. IMF surveillance should mainly focus external sustainability and on an assessment of risks and vulnerabilities;
Strengthening the Practice of Surveillance Financial sector issues are also receiving elevated coverage under IMF surveillance, building on the Financial Sector Assessment Program (FSAP) and on analytical tools for integrating financial sector and capital markets analysis into macroeconomic assessments.
Multilateral surveillance The IMF continuously reviews global and regional economic trends. Key instruments of global and regional surveillance are two semi-annual publications, the World Economic Outlook and the Global Financial Stability Report. The first multilateral consultation on global imbalances was successfully completed on August 7, 2007, and it showed that this is a valuable innovation for enhancing global and regional surveillance. To further enhance regional surveillance, a set of measures including organizational changes, research, policy discussions, and outreach is being implemented. In particular, Regional Economic Outlook Reports (REO) on four major regions are now published on an annual or semi-annual basis.
In Romania, the IMF conducted regular surveillance through Article IV Consultations and these documents are available both in Romanian and English starting with 2000. Reports before 2000 are available in English only at: http://www.imf.org/external/country/ROU/index.htm.
The FSAP exercise was also conducted in Romania in 2003 and 2010, and the report is available on Publications section of this website, as well as at: http://www.imf.org/external/pubs/ft/scr/2003/cr03389.pdf, http://www.imf.org/external/pubs/cat/longres.aspx?sk=23638.0 English only.
Surveillance and program documents for Bulgaria are available at: http://www.imf.org/external/country/BGR/index.htm.