The International Monetary Fund (IMF) says it will have 25 major world economies conduct a mandatory financial stability review once every five years in order to assess overall global financial soundness.

The IMF said Tuesday that it changed rules so that 25 major economies --- including South Korea, the U.S., China and Japan --- would be required to appraise their financial sectors once every five years.

Three areas must be checked in line with the change in rules: short-term macroeconomic stability risks, policy frameworks on stabilization, and response capabilities for financial crises.