IMF policies deepened financial crisis, says CEPR

http://www.guardian.co.uk/world/2009/oct/05/imf-policy-financial-crisis-recession

Policies implemented by the International Monetary Fund (IMF) during the global downturn further exacerbated the crisis in many countries, a leading thinktank said today.
In a paper analysing the IMF's agreements with 41 borrowing countries during the crisis, the Washington-based Centre for Economic and Policy Research (CEPR) found that 31 of the agreements contained so-called "pro-cyclical" macroeconomic policies, which – in the face of a significant slowdown in growth or in a recession – would be expected to exacerbate the downturn.