Thank you so much for sharing the IEO's consultation into its approach to evaluation the IMF's rule in the Euro area crisis.
Bretton Woods Project will be providing a response, and we will be happy to support any in civil society, academia or other policy making circles who wish to make their own contribution to the consultation for the 3-page Draft Issues Paper. Attached is a brief, initial analysis of BWP's concerns and likely focus of our submission, which may at a later date also include other civil society signatories.
The IEO is in a position to challenge the official narratives about what was done, why it was done, and how it was done in the context of Greece, Ireland and Portugal's loan agreements, as well as the IMF's role in monitoring Spain's bank recapitalisation and its role influencing all euro area countries, directly and via its relationship with new Euro area structures when providing Technical Assistance. It is little known, but able to have a significant impact as occurred last year when it examined whether the IMF was even-handed in its treatment of different countries' macroeconomic policies. See here and here .
The IEO's 'Draft Issues Paper' consultation is a valuable opportunity to empower the IEO to ask difficult questions about the IMF's role in the euro crisis and reveal, in effect, the politicised nature of many decisions and their unacknowledged social and economic impacts. Though this is is not a chance for the Troika as a whole to be assessed, its effect can be assessed indirectly via this analysis of the IMF's role.
It is important to also to reaffirm the IEO's relevance and value in conducting such independent studies, in the teeth of what is likely to be considerable behind the scenes pressure to choose less controversial topics.
I would strongly encourage any interested groups or individuals to do submit, and would be happy to provide any support necessary to facilitate that.
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IMF Programme Manager
The Bretton Woods Project
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