The IMF, Argentina and Ecuador: Have Lessons Been Learned?
The IMF, Argentina and Ecuador: Have Lessons Been Learned?
The lender’s emergency role means it must always deal with risk, a former official writes.
Following the global financial crisis of 2007-08, the International Monetary Fund (IMF) went through a period of self-examination. The old joke that its acronym stood for “It’s Mostly Fiscal” bothered some of its leaders, who believed the organization needed to focus less on austerity and more thoroughly consider issues such as inequality, poverty reduction and gender equality when making loans and other key decisions. There was talk of a “new IMF” that had learned from its old mistakes.
Recent events in Argentina and Ecuador have raised the question of whether this talk of change...
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