“The two have clashed at each stage of the crisis, with the Bundesbank deriding the IMF as the ‘Inflation Maximising Fund’ under the control of Keynesians who have overstepped their ‘institutional and legal’ authority. The rebukes have infuriated the IMF Board members, especially those from Asia, Latin America, which think the Fund has been doing Germany’s work for it. They grumble that the IMF has been dragged into ill-designed rescue packages, and that the lion’s share of IMF resources have been used to prop up the currency experiment of rich countries well able to clean up their own mess.”
