Certainly, the IMF has been under considerable political pressure regarding some of its actions. That explains much but does not justify everything. There must be no more rescue operations without the involvement of the private creditors. The IMF cannot and should not be lender of last resort. Fortunately, there is now growing recognition of this.
I do not wish to be misunderstood: we have urgent need of the IMF. For that reason, I cannot agree with the fundamental criticism of the IMF either. We need the IMF, above all, as an international monetary promoter of open borders and free markets and as an advocate of sound and transparent policies on the part of its members.