IMF admits it should have done better

THE International Monetary Fund (IMF) has admitted it should have done better in predicting the banking and property crisis in Ireland that precipitated its €85bn (£72bn) rescue package. Deputy director of the IMF’s European department Ajai Chopra said in an interview with the Financial Times: “There is no question that we – and other observers – could have done better. But it’s very much a balancing act.

“We have to be careful that we don’t end up predicting nine of the next two crises, or that we precipitate what we’re trying to avoid.”