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.
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