Central bankers accuse IMF of failures before crisis

A group of the world’s leading central bankers has criticized the International Monetary Fund (IMF) for acting not forcefully enough in the run-up to the financial crisis. The question of effectives came under special attention because of a G30 report that had found out that on average fifteen of twenty-four IMF officials did not take part in IMF board discussions on reports into individual countries — what the G30 called an “abysmally low” attendance rate. The G30 requires reforms on the IMF, including a rebalancing of power within the organization to reflect the changing global economy. The IMF already said that it would consider all suggestions on how it might reform their policy.

Source: Timesonline

Karel Supré