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IMF Slammed For Failing To Spot U.K. Crisis
The International Monetary Fund’s Independent Evaluation Office has blasted the IMF for downplaying risks that eventually caused the financial crisis in the U.K., reports The Guardian.
The International Monetary Fund’s Independent Evaluation Office has blasted the IMF for downplaying risks that eventually caused the financial crisis in the U.K. A 50-page assessment of the IMF’s behavior in the run-up to the crisis was characterized by “overconfidence in the soundness and resiliency of large financial institutions, and endorsement of the financial practices in the main financial centers.” The IEO is calling for changes to the IMF’s “institutional structures and incentives to foster better assessment of risks, internal collaboration, candor and clarity in messages.”