In a highly critical account of the IMF’s role in bailing out three of the eurozone’s indebted member states from 2010 – Greece, Ireland and Portugal – an internal watchdog finds the Fund became “trapped in ‘European exceptionalism’”.
- Participation alongside the European Commission and European Central Bank, despite proving efficient for debtors, meant the Fund lost “characteristic agility as a crisis manager”
- The Troika arrangement potentially “subjected the IMF staff’s technical judgments to political pressure from an early stage” as political considerations in member states meant “occasionally [staff] felt pressured to accept a less-than ideal outcome”
In the News
Tuesday, 19 December 2017
Wednesday, 13 December 2017
Friday, 10 November 2017
Thursday, 12 October 2017