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The International Monetary Fund's own watchdog has criticized the agency saying it called off austerity too soon after the financial crisis. A new report from the IMF's independent valuation office says the advice was less effective in promoting recovery and was detrimental to emerging markets. Our economics correspondent Andrew Walker report, explains.
The report suggested that at the height of the crisis the IMF essentially got it right by advising governments to use their budget to stimulate a recovery; where the IMF went wrong, the report argues, was encoring for that to be reversed too soon. The report says that much of the research including the IMF's own suggested that government tax and spending policies are particularly effective following a financial crisis. Instead the IMF advised using interest rates and the policy on its quantitative easing which, the report argues, were less likely to work.