The Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) has just launched a report on the Fund’s performance in the period up to the global economic and financial crisis, and broadly endorsed with recommendations: “IMF Performance in the Run-Up to the Financial and Economic Crisis”
It finds that the IMF provided few clear warnings about the risks and vulnerabilities associated with the impeding crisis before its outbreak.
Some of the risks that subsequently materialized were identified at different times in the Global Financial Stability Report, but these were presented in general terms. Crucially, however, they were not reflected in the World Economic Outlook or in the IMF’s public declarations.
The full text is available on the web.
(See also the “Staff Response to the IEO Report” and the fact sheet on “Reforms to Fund Surveillance since the Financial Crisis”).