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To: Enigma who wrote (43615)	10/22/1999 10:46:00 PM
From: Casaubon	Read Replies (1) \| Respond to of 116759

BOE switzerland

To: Enigma who wrote (43615)	10/23/1999 10:07:00 AM
From: long-gone	Respond to of 116759

ALL this is BIG! DD, This well draws toward proof something very ugly has happened behind the scenes: All should note, Mr. Antonio Casas Gonz lez did not speak of "the appearance of conflict of interest" He speaks directly about "conflict of interest". from: Statement by Mr. Antonio Casas Gonz lez Governor of the Bank of Venezuela Before the Interim Committee Meeting Washington, D.C September 26, 1999 5. Progress Reports on Strengthening Fund Surveillance and Programs 5.a Integrating Social Sector Issues in Fund Policy Advise and Fund-Supported Programs The idea to promote social indicators generates conditionality of a social nature in Fund programs. The establishment of a code of social good practices has to be looked at very, very carefully. Individual country circumstances would indicate that governments should look at their own internal circumstances and act accordingly. Of special concern is the issue related to involving broad participation by civil society on these issues. In a world of increasing transparency and accountability, one sees with concern how, in some important countries, certain organizations that are not at all transparent, and that no one knows to whom they are accountable, exert significant pressure on certain governments that, in turn, respond without effectively knowing if they are responding to "civil society." The preparation of a poverty reduction strategy paper is a good initiative. The outlook of a paper of this nature would probably entail that it be prepared on a case-by-case basis for each country, taking into account the significance of ownership in developing and, of course, implementing a strategy. The process and the participation of different sectors of civil society should be very carefully chosen, so that their views are, in effect, legitimate view for that society. 5.b Standards and Transparency Initiatives I welcome the attention that has been dedicated to the implementation of standards. Yet, these standards pose a few concerns that should be taken into account in their application and possible monitoring in the future. From a country's perspective, the assessment derived from surveillance in the application of standards can have an impact on the relationship between the country's authorities and the Fund. Many of the national authorities have seen the Fund as an advisor that has been given a very special trust. It deals with issues that can be of a confidential nature. It is difficult to determine how the advisory role can be clearly matched with the process of preparing and publishing assessments on standards. There could be an issue of conflict of interest. Another aspect related to these assessments on standards is how the market will perceive them. There is, in my view, a delicate situation that warrants for substantive care to avoid misinterpretation of those reports and the identification of the Fund as a rating agency. from near the end of this document: "Experiences derived from exposed analysis point out the intrinsical value of transparency, of having adequate and timely information and the need to develop an adequate regulatory framework with strong regulating agencies. The crisis brought out the difficult issue of moral hazard in confronting a financial crisis, its costs, and the possible collapse of domestic financial sector and the payments system with its concomitant effect on the rest of the economy." imf.org