However, it would appear that it has been easier for the Fund to give direction to developing countries in times of crises than to provide similar advice to advanced countries.
Let me say that I do not share the sometimes negative tone of this debate, mainly for two reasons; first, I believe the theory must be applied in a dynamic framework. Indeed, applying the theory at a specific point in time, there are few currency areas that fully live up to all the criteria of “optimality”.