Powerful countries will have to avoid quashing reports they do not like if they are serious about creating a better early warning system for the global economy, said Lord Turner, chairman of the regulator.
“One of the problems the IMF has had in the past is that, when it tries to issue warnings, those warnings are watered down under political pressure from large power- ful countries who don't like the commentary about their financial system,” he said.
“There has, for instance, never been one of the reports on the financial system that the IMF produces on the US financial system because the US didn't want there to be one.”
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