This recession is really the largest the IMF has faced in its 76-year history and certain constraints make the Fund a big fire engine with an obstructed hose as Ricardo Hausmann put it rightly /FT, 19 June 2020/.
Indeed, the IMF responded quickly and massively to the crisis.
By contrast, the EU is still at a stalemate, so this time the IMF proved to be different, changed and reformed for the better.
It is a pity, that some EU countries are among the most conservative voices on the IMF’s board. They too need to change their position in order to give a concerted and carefully crafted response to the global downturn.
Governor Matolcsy, MNB, the Central Bank of Hungary