Statement by the Managing Director on the Independent Evaluation Office’s Report on the IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting

Statement by the Managing Director on the Independent Evaluation Office’s Report on the IMF and the Crises in Greece, Ireland, and Portugal - An Evaluation by the Independent Evaluation Office - Executive Board Meeting - July 19, 2016

July 6, 2016

Summary

I welcome the report of the Independent Evaluation Office (IEO) on the Euro Area crisis programs. Their work provides an independent and in-depth account, which I have no doubt will make an important contribution to understanding the Fund’s approach to the crisis. As I have emphasized repeatedly, the IEO plays a vital role in enhancing the learning culture within the Fund, strengthening the Fund's external credibility, and supporting the Executive Board's institutional governance and oversight responsibilities.

Subject: Cyprus, Euro Area, Financial crisis, Fund role, Fund-supported adjustment programs, Greece, Independent Evaluation Office, Ireland, Managing Director reports, Portugal

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