Another day, another IMF U turn, this time in a ‘Staff Position Note’ on capital controls by Ostry, Ghosh, Habermeier, Chamon, Qureshi, and Reinhardt (they seem to prefer writing by committee at the Fund – personally, I’m with Sartre: ‘hell is other people’). This comes hard on the heels of its recent rethink on inflation, part of a laudable institutional