Daily Archives: July 20, 2012

Alan Beattie

No word left minced in this fairly fierce resignation letter (obtained by CNN) sent by Peter Doyle, who is quitting the European department of the IMF after 20 years at the Fund, attacking particularly its role in the eurozone crisis.

The money quotes:

After twenty years of service, I am ashamed to have had any association with the Fund at all…

This is not solely because of the incompetence that was partly chronicled by the OIA [Office of Internal Audit and Inspection, though he may be referring to this document by a different watchdog body] report into the global crisis and the TSR [Triennial Surveillance Review] report on surveillance ahead of the Euro Area crisis. More so, it is because the substantive difficulties in these crises, as with others, were identified well in advance but were suppressed here…

Further, the proximate factors which produced these failings of IMF surveillance – analytical risk aversion, bilateral priority, and European bias  - are, if anything, becoming more deeply entrenched, notwithstanding  initiatives which purport to address them.

 

James Blitz

The inability of Russia and the US to forge a collective response to the Syria crisis at the United Nations is a significant moment in the 16-month-long uprising.

It makes it inevitable that the conflict between the Assad regime and rebels will develop into an even more bloody confrontation over the next few weeks, with a potentially significant impact on the wider region. The crisis now poses a range of security risks which will this weekend be much on the minds of policymakers in western states and in the Middle East. 

Here are our picks to take you into the weekend:

 

Britain takes le Tour

As the Tour de France enters its final stages, Shawn Donnan is joined by Jennifer Hughes and Hugh Carnegy to discuss the rise of Team Sky and Bradley “Wiggo” Wiggins, concerns over doping and the shadow it casts over the sport. Could a Brit ride up the Champs Elysées to glory for the first time?