; Armand Fouejieu (EUR); and Mishel Ghassibe and Samir Elsadek (summer interns). It incorporates input from staff in other IMF departments, as well as experts from the World Bank, International Finance Corporation, Asian Development Bank, and International Organization of Securities Commissions, including via an iLab brainstorming session. 1 The Middle East and Central Asia region refers to 31 countries in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) and in the Caucasus and Central Asia (CCA). Financial inclusion is defined as the access to, and use of, formal financial services.

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There has recently been a proliferation of new quantitative tools as part of various initiatives to improve the monitoring of systemic risk. The -SysMo‖ project takes stock of the current toolkit used at the IMF for this purpose. It offers detailed and practical guidance on the use of current systemic risk monitoring tools on the basis of six key questions policymakers are likely to ask. It provides -how-to‖ guidance to select and interpret monitoring tools; a continuously updated inventory of key categories of tools (-Tools Binder‖); and suggestions on how to operationalize systemic risk monitoring, including through a systemic risk -Dashboard.‖ In doing so, the project cuts across various country-specific circumstances and makes a preliminary assessment of the adequacy and limitations of the current toolkit.

This Working Paper should not be reported as representing the views of the IMF.