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Jean-Claude Milleron

ONE OF the major purposes of the IEO is to enhance the “learning culture” of the IMF. Those who laid the foundations of the IEO—and I was one of them—obviously had in mind not only IMF staff and management but also the Executive Directors themselves, whose learning culture stood to be improved in many areas. In this context, it makes sense for a former IMF Executive Director to try to answer the following question candidly; Would I, as a member of the Board, have been better equipped if the IEO’s analysis of today had been available to me? My answer is

Mrs. Isabelle Mateos y Lago, Shinji Takagi, Mr. Ricardo Martin, Ms. Misa Takebe, and Mr. Benjamin H Cohen

In its report on Argentina, the Independent Evaluation Office (IEO) has examined an important country case to shed fresh light on the experience of IMF-supported programs and surveillance. The report is thoroughly researched and insightful. It once again confirms the valuable role played by the IEO in enhancing the learning culture of the institution. I find most of the analysis in the report convincing and generally welcome the recommendations. I have asked staff to prepare a statement providing a more detailed response to the report and recommendations. I

Mrs. Isabelle Mateos y Lago, Shinji Takagi, Mr. Ricardo Martin, Ms. Misa Takebe, and Mr. Benjamin H Cohen

1. We would like to commend the IEO for this thought-provoking report. By taking a careful look back at the experience, this report makes a valuable contribution to the learning culture of the Fund. In many respects, it also provides an independent confirmation of our own attempts to draw lessons from the crisis, although we do not agree with some of its interpretations and conclusions. We are in agreement with many of the recommendations and, indeed, are already acting on some. 2. We share the report’s basic diagnosis of the crisis, which is very similar to