In response to the global financial crisis, the IMF launched many initiatives to strengthen financial surveillance to better advise member countries of vulnerabilities and risks and to foster greater resilience. While these initiatives have not yet been tested by a major crisis, the efforts have delivered a substantial upgrade of the Fund’s financial surveillance work. However, the evaluation finds that the quality and impact of the IMF’s financial surveillance have been uneven. The expansion of products and activities has presented the Fund with difficult trade-offs.