IMF economist resigns, blasts institution
CNN has obtained the resignation letter proferred by senior International Monetary Fund economist Peter Doyle. It’s a broad indictment of the Fund but focuses in particular on the organization’s failure to adequately warn policymakers about the 2008 financial crisis and the ongoing Eurozone crisis. Doyle alleges that senior officials in the institution suppressed staff analyses ...
CNN has obtained the resignation letter proferred by senior International Monetary Fund economist Peter Doyle. It's a broad indictment of the Fund but focuses in particular on the organization's failure to adequately warn policymakers about the 2008 financial crisis and the ongoing Eurozone crisis. Doyle alleges that senior officials in the institution suppressed staff analyses predicting both crises. (Both failures of the IMF's "surveillance" system have been previously examined by the Fund, and Doyle appears to endorse many of the conclusions reached in those reports).
His broadest critique, however, is that the Fund's predictive failures are ultimately a consequence of the institution's flawed leadership selection process. "Even the current incumbent is tainted, as neither her gender, integrity, or elan can't make up for the fundamental illegitimacy of the selection process." Doyle appears to be arguing that a different process--presumably one that gave non-Europeans a real shot at the managing director's slot--would produce a Fund less beholden to its largest shareholders and more capable of independent analysis. But he offers little evidence that this is the case, and it's not obvious why it should be. With Doyle's letter now public, let's hope that he'll flesh out his critique.
CNN has obtained the resignation letter proferred by senior International Monetary Fund economist Peter Doyle. It’s a broad indictment of the Fund but focuses in particular on the organization’s failure to adequately warn policymakers about the 2008 financial crisis and the ongoing Eurozone crisis. Doyle alleges that senior officials in the institution suppressed staff analyses predicting both crises. (Both failures of the IMF’s "surveillance" system have been previously examined by the Fund, and Doyle appears to endorse many of the conclusions reached in those reports).
His broadest critique, however, is that the Fund’s predictive failures are ultimately a consequence of the institution’s flawed leadership selection process. "Even the current incumbent is tainted, as neither her gender, integrity, or elan can’t make up for the fundamental illegitimacy of the selection process." Doyle appears to be arguing that a different process–presumably one that gave non-Europeans a real shot at the managing director’s slot–would produce a Fund less beholden to its largest shareholders and more capable of independent analysis. But he offers little evidence that this is the case, and it’s not obvious why it should be. With Doyle’s letter now public, let’s hope that he’ll flesh out his critique.
More from Foreign Policy

What Are Sweden and Finland Thinking?
European leaders have reassessed Russia’s intentions and are balancing against the threat that Putin poses to the territorial status quo.

The Window To Expel Russia From Ukraine Is Now
Russia is digging in across the southeast.

Why China Is Paranoid About the Quad
Beijing has long lived with U.S. alliances in Asia, but a realigned India would change the game.

Finns Show Up for Conscription. Russians Dodge It.
Two seemingly similar systems produce very different militaries.