European System of

Note: This Occasional Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. This report has been prepared by the Task Force on IMF Issues of the International Relations Committee (IRC) of the European System of Central Banks. The report received comments from and was endorsed by the IRC. The Task Force comprised the following members: Banco de España Ms Pilar L´Hotellerie-Fallois (Chair