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WASHINGTON, Sept 27 The International Monetary
Fund said on Monday it will conduct mandatory check-ups of the
financial sectors of 25 systemically-important countries to try
to prevent another damaging global financial crisis.
Until now, IMF financial sector evaluations have been
voluntary for IMF member countries.
The Fund identified the 25 as the United States, Britain,
Turkey, Switzerland, Sweden, Spain, South Korea, Singapore,
India, Japan, China, Germany, Australia, Austria, Belgium,
Brazil, Canada, France, the Netherlands, Italy, Hong Kong,
Ireland, Russia, Mexico and Luxembourg.
The group covers almost 90 percent of the global financial
system and 80 percent of global economic activity, the Fund
said. It also includes 15 members of the Group of 20 major
"It is a major step toward enhancing the Fund's economic
surveillance to take into account the lessons from the recent
crisis, which originated in financial imbalances in large and
globally interconnected countries," the IMF said in a
The IMF said it will assess possible sources of weakness in
countries' financial sectors and evaluate each country's
financial stability policy framework and their capacity to
manage and resolve a financial crisis.
(Reporting by Lesley Wroughton; Editing by Padraic Cassidy)