Admittedly, some of the tensions and issues that are inherent in policymaking for a large institution which is confronted with a massive shift in external conditions are the price to be paid in comparison with a purely academic life. On the other hand, working together for a public good like price stability is worth paying such a price for. 4  BIS Review 56/2007
It also noted that “financial innovation and stability have underpinned US economic success.” The limitations of IMF surveillance in the run-up to the current global crisis are detailed in the recently published IEO1 report. I am not trying to single out the IMF for criticism. Nobody was completely successful in recognizing beforehand the emergence of bubbles and the huge negative impact after its collapse.