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Strauss Kahn says that the 'Washington consensus' is history

By Jordi Zamora (AFP)

WASHINGTON - The so-called 'Washington consensus' that guided the economic policy in developing countries for decades and it's history, said Monday the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn.
Following the 2008 financial crisis that devastated the world economy, the state must play a greater role and control the excesses of the market, according to the speech of the Fund's managing director, delivered at George Washington University in the U.S. capital.
"The 'Washington consensus' was a series of slogans basic simple rules for fiscal and monetary policy would ensure stability. Deregulation and privatization would liberalize the growth and prosperity. financial markets would channel resources to areas more productive, "Strauss-Kahn listed.
"All of this collapsed with the crisis. The 'Washington consensus' is history, "he added.
Given the finding that emerging countries are the new engines of global growth , this agreement must be superseded by a new economic policy, with emphasis on social cohesion and multilateralism, he said.
The 'Washington consensus', which for the 80 and 90 encouraged the IMF and World Bank (WB), was later vilified as responsible for crisis in countries like Argentina or in countries in transition in Eastern Europe.