Policy coherence. The Fund should continue to provide a forum to stimulate analysis and multilateral dialogue that promotes policy coherence and concerted action to manage spillovers, including those arising from the eventual and welcome normalization of monetary policy, mitigate risks, and support strong, sustainable and balanced growth, and job creation. Global imbalances have declined, for both structural and cyclical reasons, but rebalancing remains a key priority. Looking forward, policies in many countries will need to play a larger role in sustaining adjustment. Deficit countries should continue to raise national saving and competitiveness, while surplus countries need to boost domestic sources of growth. We reaffirm our commitment to refrain from competitive devaluations and all forms of protectionism. Global financial reforms, including in the areas of “too-big-to-fail,” international capital standards, cross-border resolution, derivatives markets, and addressing the potential systemic risks in shadow banking, need to be implemented promptly and consistently. Further progress is needed to close data gaps, enhance fiscal transparency, combat money laundering and the financing of terrorism, and fight cross-border tax evasion and tax avoidance. We encourage the Fund to examine these issues as part of its bilateral and multilateral surveillance, and to work in collaboration with other international institutions.

政策一致性。基金組織應繼續提供一個旨在加強分析和多邊對話的論壇，促進政策一致性和行動協同性，以管理溢出效應（包括貨幣政策最終的、必要的正常化所帶來的溢出效應）、緩解風險，并支持強勁、可持續和均衡的增長以及就業的創造。在結構性和周期性因素的作用下，全球失衡已經減輕，但再平衡仍是一項重點任務。今后，在許多國家，政策需要在維持調整過程中發揮更大作用。逆差國應繼續提高國民儲蓄和競爭力，而順差國需加強國內增長源。我們再次承諾，將避免采取競爭性貶值和各種形式的保護主義。需要迅速、一致地實施全球金融改革，包括在“大而不倒”的機構、國際資本標準、跨境破產處置、衍生產品市場以及解決影子銀行業潛在系統性風險等領域。在克服數據缺陷、提高財政透明度、打擊洗錢和恐怖主義融資以及遏制跨境逃稅和避稅等方面，需取得進一步的進展。我們鼓勵基金組織在雙邊和多邊監督中分析這些問題并與其他國際機構開展合作。

IMF surveillance. We welcome the progress in implementing the Fund’s strengthened surveillance framework, including through the Financial Surveillance Strategy, pilot External Sector Report, Spillover Report, and enhanced analysis of macro-financial linkages in Article IV consultations, and tailored advice on promoting inclusive growth and job creation. We look forward to the upcoming Triennial Surveillance Review, as well as further analysis of monetary and macroprudential policies and associated spillovers, reserve adequacy, global liquidity indicators, capital flows, and the interaction of public and private sector vulnerabilities.

基金組織監督。我們歡迎在落實基金組織強化的監督框架方面取得的進展，有關措施包括出臺“金融監督戰略”、試行“對外部門報告”、“溢出效應報告”、在第四條磋商中加強對宏觀金融聯系的分析，以及根據各國情況提供關于促進包容性增長和就業創造的建議。我們期待著即將開始的三年期監督檢查，也期待著對貨幣和宏觀審慎政策及相關溢出效應、儲備充足性、全球流動性指標、資本流動、公共與私人部門脆弱性的相互作用等方面開展進一步分析。

IMF lending. External financing, including on a precautionary basis, can help facilitate orderly adjustment. The Fund continues to be prepared to offer financing to support appropriate adjustments and reforms. We look forward to a flexible and voluntary dialogue between the Fund and regional financing arrangements on an ongoing basis, the review of some key instruments (Flexible Credit Line, Precautionary and Liquidity Line, Rapid Financing Instrument), a follow-up crisis program review, and further consideration of the Fund’s lending policy in high debt situations. We look forward to the finalization of the review of the IMF debt limits policy, recognizing the importance of strengthening and promoting sustainable financing practices by all stakeholders.

基金組織貸款。外部融資（包括預防性融資）有助于促進有序的調整。基金組織需繼續隨時準備提供資金，支持適當的調整和改革。我們期待著基金組織與地區融資安排持續開展靈活、自愿的對話，對一些主要工具（靈活信貸額度；預防性和流動性額度；快速融資工具）進行檢查，對危機規劃開展后續檢查，并進一步考慮基金組織對高債務國家的貸款政策。我們認識到，所有利益方加強和促進可持續的融資做法非常重要，因此，我們期待著最終完成對基金組織債務限額政策的檢查。

Governance. We continue to attach the highest priority to the IMF governance and quota reform to enhance the Fund’s credibility, legitimacy and effectiveness. We urge all members who have yet to ratify the 2010 reforms to do so without delay. We remain committed to completing the 15th General Review of Quotas by January 2014, and urge the Executive Board to agree on a new quota formula as part of that review. We reaffirm that any realignment in quota shares is expected to result in increased shares for dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. Steps shall be taken to protect the voice and representation of the poorest members.

治理。我們繼續高度重視為增強基金組織可信性、合法性和有效性而實施的基金組織治理和份額改革。我們敦促所有尚未批準2010年改革的成員國盡快批準改革。我們繼續致力于在2014年1月之前完成第十五次份額總檢查，并敦促執重會在該檢查中就新的份額公式達成一致。我們重申，份額比重的任何調整都應使具有活力的經濟體擁有更高的份額比重，以符合它們在世界經濟中的相對地位，因此，新興市場和發展中國家作為一個整體的份額比重很可能會上升。應采取步驟保護最貧窮成員國的發言權和代表性。

Next IMFC meeting. Our next meeting will be held in Washington, D.C. on April 11-12, 2014.

國際貨幣與金融委員會的下一次會議。 我們的下一次會議將于2014年4月11-12日在華盛頓特區舉行。

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