The report includes some striking criticism of the IMF's performance ahead of the crisis. The agency provided few clear warnings about the risks, the report says.

IMF surveillance of the economic situation was characterised by over-confidence in the soundness of large financial institutions. The risks associated with housing booms and financial innovations, subsequently called toxic assets, were downplayed.

The IMF's managing director Dominique Strauss-Kahn welcomed the report, which he said puts forward many constructive ideas and is consistent with the Fund's own analysis.

The IMF has had a central role in responding to the crisis, with emergency loans and other assistance for some countries. The IMF has a continuing role in dealing with the financial problems in the Euro area, where it is providing loans to both Ireland and Greece.

Andrew Walker, BBC News

striking

very noticeable or unusual

warnings

things said or written to tell people about a possible danger

surveillance

careful watching of something

soundness

stability

housing booms

times when a lot of houses are being built and sold for high prices

toxic assets

investments backed by risky mortgages that are held by large banks, and that have lost value, dragging down banks' balance sheets

puts forward

suggests or presents

constructive

helpful or positive actions or comments

consistent

behaviour or actions which are the same over a period of time

emergency loans

lending of money which is desperately needed