Tuesday, September 28, 2010

From The All Seeing All Knowing IMF

Given that the Tories are shouting about their recent mild praise for their policies from the IMF, I thought it appropriate to issue a reminder of the IMF's past omnipotence on thse matters (my emphasis):
Consistent with this favorable outlook, financial sector prospects are strong. Net exports of financial services have risen steadily over the past decade and increased sharply in recent years. UK banks are among the most profitable in the G7 and ratings agencies rank the UK banking system as one of the strongest in the world. The strength of the banking system reflects effective financial regulation and supervision in the context of improved risk management, geographical diversification, and the growth of new business activities. In particular, the development of financial markets has allowed banks to transfer some of the risk that they traditionally held on their own balance sheets. The insurance sector has returned to a more stable outlook. And the ongoing shift from negotiated, bilateral banking finance to arms-length finance through asset markets has facilitated consumption smoothing.
From the Concluding Statement of the IMF Mission in 2006

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