G20-IMF-FSB Update – March 12, 2010
It seems the latest global financial crisis is deflating the IMF hubris bubble. Two recent IMF Staff Position Notes offer serious re-thinks to past IMF policy stances and are causing stirs in official circles. In particular, the papers highlight some of the ways that IMF policies have contributed to macroeconomic and financial instability; the papers also recommend some policies that not too long ago the IMF sought to ban through amendments to its founding Articles of Agreement.