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International Monetary Fund (IMF) policies do not recognise the importance of full fiscal-monetary sovereignty to the conduct of fiscal (government) policy. Specifically, mainstream notions of fiscal sustainability are not applicable to sovereign economies.

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Failed policy: The IMF in crisis

Notwithstanding the nature and causes of the Global Financial Crisis (GFC), the IMF continues to espouse fundamentally flawed policy advice, as the institution seeks to maintain its relevance and legitimacy despite becoming largely redundant following the collapse of the Bretton Woods (fixed exchange rate) system in 1971.

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