FT.com / World - IMF rejects criticism over global turmoil

"The International Monetary Fund on Thursday rejected claims that it should have better foreseen the onset of a global financial crisis and instead singled out the US for refusing to adopt its ?programme to improve the stability of national economies.

Dominique Strauss-Kahn, IMF managing director, said the US had initially declined to sign up to the Financial Sector Assessment Programme, a joint IMF-World Bank initiative established in 1999 to help alert member countries to vulnerabilities in their financial systems."

“The IMF has done lengthy and extensive analysis of the US financial system and regulation. An FSAP is not the only vehicle for this,” a US Treasury spokesman said.

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