Naive admiration of light-touch US and UK financial regulation and a “groupthink” mentality led the International Monetary Fund badly to miss the risks that led to the global financial crisis, according to its watchdog.
A sharply critical report from the fund’s indepen- dent evaluation office, published on Wednesday, said the IMF was late in spotting the severe interconnected problems in the world’s advanced economies.
As late as the summer of 2008, the IMF’s management was confident that “the US has avoided a hard landing” and “the worst news are [sic] behind us”, the report said.
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