Doyle is not the first to claim that the IMF missed the signs of an impending financial catastrophe before the 2008 meltdown. An internal report at the Fund reached much the same conclusion last year, pointing out that in August 2007 the IMF higher-ups pronounced the global economic outlook “very favorable.”
IMF Managing Director Christine Lagarde is seen in Washington D.C. Departing IMF adviser Peter Doyle has written that in spite of Lagarde’s positive qualities, she is “tainted” by a selection process that favors Europeans.
When International Monetary Fund economist Peter Doyle finally departed the organization last month, he didn’t mince words in his letter to the bosses.
“After twenty years of service, I am ashamed to have had any association with the Fund at all,” Doyle wrote in a June 18 letter to Shakour Shaalan, dean of the executive board of the IMF, obtained by CNN on Friday.
Doyle — who currently serves as an adviser within the IMF, according to The Wall Street Journal, and was once a division chief in the IMF’s European Department — accused the organization of favoring the interests of Europe over those of the rest of the world, and of being asleep at the switch while some of the worst financial emergencies in recent memory were bearing down.
In the past few years, Doyle wrote, the IMF received warnings “well in advance” about the crises in the Eurozone and the global financial system, but that such warnings were “suppressed” and that the lack of IMF response constituted “a failing of the first order.”
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