IMF 'Blind To Crisis'
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The report includes some striking criticism of the IMF's performance ahead of the crisis. The agency provided few clear warnings about the risks, the report says.
IMF surveillance of the economic situation was characterised by over-confidence in the soundness of large financial institutions. The risks associated with housing booms and financial innovations, subsequently called toxic assets, were downplayed.
The IMF's managing director Dominique Strauss-Kahn welcomed the report, which he said puts forward many constructive ideas and is consistent with the Fund's own analysis.
The IMF has had a central role in responding to the crisis, with emergency loans and other assistance for some countries.
The IMF has a continuing role in dealing with the financial problems in the Euro area, where it is providing loans to both Ireland and Greece.
The report includes some striking criticism of the IMF's performance ahead of the crisis. The agency provided few clear warnings about the risks, the report says.
IMF surveillance of the economic situation was characterised by over-confidence in the soundness of large financial institutions. The risks associated with housing booms and financial innovations, subsequently called toxic assets, were downplayed.
The IMF's managing director Dominique Strauss-Kahn welcomed the report, which he said puts forward many constructive ideas and is consistent with the Fund's own analysis.
The IMF has had a central role in responding to the crisis, with emergency loans and other assistance for some countries.
The IMF has a continuing role in dealing with the financial problems in the Euro area, where it is providing loans to both Ireland and Greece.
The report includes some striking criticism of the IMF's performance ahead of the crisis. The agency provided few clear warnings about the risks, the report says.
IMF surveillance of the economic situation was characterised by over-confidence in the soundness of large financial institutions. The risks associated with housing booms and financial innovations, subsequently called toxic assets, were downplayed.
The IMF's managing director Dominique Strauss-Kahn welcomed the report, which he said puts forward many constructive ideas and is consistent with the Fund's own analysis.
The IMF has had a central role in responding to the crisis, with emergency loans and other assistance for some countries.
The IMF has a continuing role in dealing with the financial problems in the Euro area, where it is providing loans to both Ireland and Greece.
The report includes some striking criticism of the IMF's performance ahead of the crisis. The agency provided few clear warnings about the risks, the report says.
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By :
Jessie Stone
Submitted
2011-02-15 06:45:04 |
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