Directors of the International Monetary Fund (IMF) have restated their assessment that, while the IMS has thus far demonstrated its resilience, the observed growing tensions warrant a closer look at far-reaching reforms. They stressed that enhancing the role of the SDR is not a substitute for the efforts underway to strengthen IMS stability, particularly greater global policy collaboration, supported by stronger surveillance, and an enhanced systemic financial safety net, along with financial deepening in emerging markets. As a complement to these efforts, which should be pursued with urgency, an enhanced role for the SDR could potentially contribute to the long-term stability of the IMS, provided appropriate safeguards are put in place, and political commitment and private sector interest are mobilized.