Page:United States Statutes at Large Volume 112 Part 4.djvu/252

 112 STAT. 2681-223 PUBLIC LAW 105-277—OCT. 21, 1998 committees on the progress made toward achieving the requirements of this section. (d) On a quarterly basis, the Secretary of the Treasury shall report to the appropriate committees on the standby or other arrangements of the Fund made during the preceding quarter, identifying separately the arrangements to which the policies described in section 601(4) of this title apply and the arrangements to which such policies do not apply. PROGRESS REPORTS TO CONGRESS ON UNITED STATES INITIATIVES TO UPDATE THE ARCHITECTURE OF THE INTERNATIONAL MONETARY SYSTEM 22 USC 262r SEC. 606. Not later than July 15, 1999, and July 15, 2000, note. the Secretary of the Treasury shall report to the Chairmen and Ranking Members of the appropriate committees on the progress of efforte to reform the architecture of the international monetary system. The reports shall include a discussion of the substance of the United States position in consultations with other governments and the degree of progress in achieving international acceptance and implementation of such position with respect to the following issues: (1) Adapting the mission and capabilities of the International Monetary Fund to take better account of the increased importance of cross-border capital flows in the world economy and improving the coordination of its responsibilities and activities with those of the International Bank for Reconstruction and Development. (2) Advancing measures to prevent, and improve the management of, international financial crises, including by— (A) integrating aspects of national bankruptcy principles into the management of international financial crises where feasible; and (B) changing investor expectations about official rescues, thereby reducing moral hazard and systemic risk in international financial markets, in order to help minimize the adjustment costs that the resolution of financial crises may impose on the real economy, in the form of disrupted patterns of trade, emplo3ment, and progress in living standards, and reduce the frequency and magnitude of claims on United States taxpayer resources. (3) Improving international economic policy cooperation, including among the Group of Seven countries, to take better account of the importance of cross-border capital flows in the determination of exchange rate relationships. (4) Improving international cooperation in the supervision and regulation of finemcial institutions and markets. (5) Strengthening the financial sector in emerging economies, including by improving the coordination of financial sector liberalization with the establishment of strong public and private institutions in the areas of prudential supervision, accounting and disclosure conventions, bankruptcy laws and administrative procedures, and the collection and dissemination of economic and financial statistics, including the maturity structure of foreign indebtedness. (6) Advocating that implementation of European Economic and Monetary Union and the advent of the European Currency Unit, or euro, proceed in a manner that is consistent with

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