Animated Clip Art Of Detegent

... and the IMF says the mea culpa ....

Il Fondo monetario ha fallito clamorosamente nel lanciare l'allarme sui rischi che hanno portato alla crisi globale, anche a causa his support for regulatory policies and practices in the field of finance were among the causes of the crisis.
The harsh criticism of the conduct of the Fund, as too influenced by the great industrial countries, are contained in a report released yesterday by the office of the independent evaluation of the IMF. The head of the Washington, Dominique Strauss-Kahn, having agreed to do a "mea culpa", but added that some of the failures that led to the failure of the security operations have been partially corrected by the reforms undertaken by the Fund after the crisis and for strengthening surveillance, especially preventive and a greater attention to the soundness of financial systems.
Curiously, the report comes shortly after the complaint of former IMF chief economist, Raghuram Rajan (in an article in Il Sole 24 Ore on Tuesday), the inability of economists to predict the crisis: its Rajan was among the few, in 2005, to alert to the possibility of a serious crisis, but his actions had little echo in the official pronouncements of the Fund. These are sometimes softened to avoid conflicts with the most important member countries.
IMF's ability to correctly identify the increasing risks has been hampered, inter alia, the report said, the belief that a severe financial crisis in developed countries was unlikely. The Fund considered that financial markets were fundamentally sound and the big banks are able to tackle the most predictable: this has led to reducing the sense of urgency in resolving dangerous situations. The report is particularly critical of the procedures for IMF bilateral surveillance conducted on U.S. and UK, where financial systems have also revealed massive flaws. Months after the outbreak of the crisis, the collapse of Lehman nell'immimenza, the Fund had stated that "the worst is over." The document gives a specific analysis of the U.S. financial innovation and optimism of the Fund and the delay in identifying risks. Often, according to the report, the establishment of Washington has embraced the views of the American authorities, especially the Federal Reserve, in defense of U.S. big business.

In past years, the study said, the IMF has rightly insisted on the danger of global imbalances, but was unable to connect to systemic risks for the financial sector.
Industrial countries, among others, were not included in the exercise to identify vulnerabilities dppo the Asian crisis started in the late 90's. Developing countries have repeatedly complained about the two weights and two measures of IMF surveillance, often against their harsh economic policies, but much milder against the major economies advanced.