counting, auditing, disclosure, asset valuation, bankruptcy, and corporate governance. And mechanisms need to be developed-in collaboration with the Bank for International Settlements and other international agencies-to monitor the implementation of the standards.
             Second, strengthen Fund surveillance. The IMF must be more ambitious and demanding about the data provided to it and communicated to the markets. It needs to know more about the structure of countries' external debt, their reserve levels, how highly leveraged their corporate sector is, and the level of nonperforming loans. The Fund must intensify its surveillance over financial sector and capital account issues, give greater attention to policy interdependence and risks of contagion, and monitor more closely market views and perspectives.
             Third, improve the availability and transparency of information. In recent years, the IMF has taken numerous steps to enhance transp
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