IMF’s Independent Evaluation Office has found the Fund’s 2010/2011 Troika lending to Greece, Ireland and Portugal fell short in terms of surveillance, design, implementation and decision making, and described controversial decisions as appearing “rubber-stamped”.
As eurozone crisis countries, such as Ireland, complete their loan agreements with the IMF and European lenders, the IMF looks to amend rather than end its role in Europe. Meanwhile, a European parliamentary committee is examining the lending agreements and questioning their efficacy and lack of transparency.
The Bretton Woods Project review of the most important developments at the World Bank and IMF in 2013.
As global economic risks and stagnation in major economies are expected to persist, the IMF's rhetoric is increasingly anti-austerity, reflecting changing priorities in member states. However, states where IMF policy influence is greatest, spending cuts continue.
The legitimacy of IMF engagement with Middle East and North African nations and eurozone crisis countries continues to be heavily criticised.
As European elections show the public increasingly rejecting austerity, critics call on the IMF to focus on the flaws of the eurozone rather than austerity in country programmes.
The IMF has scaled back its percentage stake in the Greek loan package but remains assertive in the eurozone, calling for more austerity raising questions over whether periphery nations will play along.
Partly as a result of the failures of successive Irish governments, Irish people are now confronted with the same anti-democratic and immiserising consequences the IMF has imposed around the rest of the world. Opposition to the EU-IMF intervention, and to the Irish government's cutbacks (including cuts in the minimum wage and social welfare), must demand a default on bank debt and not just a reorganisation of which sectors of Irish society should bear the cost of debt repayments.