The IMF has lost all credibility, and it neither can nor wants to recover any of its former legitimacy. One only has to look at the aggressive implementation of market-based policies such as financial market liberalization on East Asian countries (which precipitated the regional recession that followed) as well as its poor handling of Russia's transformation into a market economy (leading to mass corruption and a collection of oligarchs who dominated industry) to see that the their policies and models simply do not work, and they refuse to accept it. They have constantly bullied weaker nations into accepting its policies to the detriment of its citizens. All of its rhetoric has been empty and it is time that new global financial institutions (such as the NDB) rose up to challenge the IMF, which only exists to serve Wall Street's financial interests.