Global: 'Groupthink' IMF slammed for mistakes before crisis

The Independent Evaluation Office (IEO) has found major IMF lapses in judgement before the financial crisis, including the promotion of 'light-touch regulation', casting doubt on the Fund's ability to contribute to taming global finance. As the banking crisis has been transformed into crises of public finance, and while the financial sector returns to business as usual, the IMF has grown increasingly vocal about the insufficient attention being paid to regulation and reform.