IndexIntroductionCreating a firewall against the crisisReforming the IMF lending frameworkReforming the governance of the IMF to better reflect the global economyIntroductionThe Vienna Initiative brought together the IMF, the European Bank for reconstruction and development, the European Investment Bank and the World Bank, EC and ECB, central banks of host and home countries, regulatory and tax authorities, as well as the major Western banking groups active in Europe. It helped ensure that foreign banks continued to be engaged in Eastern Europe and that overall commitments remained intact, along with IMF- and EU-backed packages for Hungary, Bosnia-Herzegovina, Latvia, Romania and Serbia. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay While banks' exposure maintenance commitments under the Vienna Initiative expired with the end of the IMF- and EU-backed programs, the Vienna Initiative participants remain in close contact. They are ready to address renewed risks of excessive deleveraging in Central and Eastern Europe and strengthen supervisory cooperation as cross-border banking groups come under financial pressure. The Vienna Initiative carries out oversight functions in relation to each IMF member country pursuant to Article IV of the Statute. The current economic and financial situation of the country and the plans for the coming years are analyzed and evaluated. It is proposed to complement bilateral consultations with multilateral international comparisons, financial linkages and impulse flows on a broader regional and international scale, as well as with systemic stability issues and the identification of national policies that could negatively impact the global balance. firewall against the crisis The increase in financial resources available for IMF support to member countries has been a key part of the efforts to overcome the global financial crisis. In 2009 and 2010, members provided additional financial assistance to the Fund through bilateral lending agreements amounting to approximately 170 billion in Special Drawing Rights (SDRs). These resources were subsequently incorporated into expanded New Borrowing Arrangements (NABs), increasing their size from SDR 34 billion to SDR 370 billion (approximately $510 billion). In 2012, in response to worsening global financial conditions, a number of members committed to increasing IMF resources through a new round of bilateral loans. By the end of 2015, 35 deals totaling approximately SDR 280 billion ($390 billion) had been concluded. The 14th General Quota Review, approved in December 2010, doubled the IMF's permanent resources to 477 billion SDRs (about $663 billion). Today, the Fund's total lending capacity (including quotas, NABs and 2012 lending agreements after prudential balances) amounts to approximately SDR 690 billion (approximately USD 950 billion). Furthermore, to increase the Fund's lending capacity, in 2009, members agreed to make a general SDR allocation equivalent at the time to $250 billion, resulting in a nearly tenfold increase in SDRs. This represented a significant increase in reserves for many states, particularly low-income countries. Reform of the IMF Lending Framework First, the Flexible Credit Line (FCL) was introduced, in April 2009 and further enhanced in August 2010, it is a lending instrument for countries with very strong fundamentals that provides a broad and early access to IMF resources,.