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。基金组织应继续提供一个旨在加强分析和多边对话的论坛，促进政策一致性和行动协同性，以管理溢出效应（包括货币政策最终的、必要的正常化所带来的溢出效应）、缓解风险，并支持强劲、可持续和均衡的增长以及就业的创造。在结构性和周期性因素的作用下，全球失衡已经减轻，但再平衡仍是一项重点任务。今后，在许多国家，政策需要在维持调整过程中发挥更大作用。逆差国应继续提高国民储蓄和竞争力，而顺差国需加强国内增长源。我们再次承诺，将避免采取竞争性贬值和各种形式的保护主义。需要迅速、一致地实施全球金融改革，包括在“大而不倒”的机构、国际资本标准、跨境破产处置、衍生产品市场以及解决影子银行业潜在系统性风险等领域。在克服数据缺陷、提高财政透明度、打击洗钱和恐怖主义融资以及遏制跨境逃税和避税等方面，需取得进一步的进展。我们鼓励基金组织在双边和多边监督中分析这些问题并与其他国际机构开展合作。

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.

基金组织监督。我们欢迎在落实基金组织强化的监督框架方面取得的进展，有关措施包括出台“金融监督战略”、试行“对外部门报告”、“溢出效应报告”、在第四条磋商中加强对宏观金融联系的分析，以及根据各国情况提供关于促进包容性增长和就业创造的建议。我们期待着即将开始的三年期监督检查，也期待着对货币和宏观审慎政策及相关溢出效应、储备充足性、全球流动性指标、资本流动、公共与私人部门脆弱性的相互作用等方面开展进一步分析。

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.

基金组织贷款。外部融资（包括预防性融资）有助于促进有序的调整。基金组织需继续随时准备提供资金，支持适当的调整和改革。我们期待着基金组织与地区融资安排持续开展灵活、自愿的对话，对一些主要工具（灵活信贷额度；预防性和流动性额度；快速融资工具）进行检查，对危机规划开展后续检查，并进一步考虑基金组织对高债务国家的贷款政策。我们认识到，所有利益方加强和促进可持续的融资做法非常重要，因此，我们期待着最终完成对基金组织债务限额政策的检查。

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。我们继续高度重视为增强基金组织可信性、合法性和有效性而实施的基金组织治理和份额改革。我们敦促所有尚未批准2010年改革的成员国尽快批准改革。我们继续致力于在2014年1月之前完成第十五次份额总检查，并敦促执重会在该检查中就新的份额公式达成一致。我们重申，份额比重的任何调整都应使具有活力的经济体拥有更高的份额比重，以符合它们在世界经济中的相对地位，因此，新兴市场和发展中国家作为一个整体的份额比重很可能会上升。应采取步骤保护最贫穷成员国的发言权和代表性。

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

国际货币与金融委员会的下一次会议。 我们的下一次会议将于2014年4月11-12日在华盛顿特区举行。

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