Professor Terrence McDonough:

I was particularly struck by that recommendation and the promulgation of the statistic that among the employees of the Department of Finance, only 17% have economics degrees. If one were to go back to some earlier testimony, that of Professor John FitzGerald from the ESRI and Dr. Donal Donovan from the IMF, one would discover that it was not the lack of economists in the IMF which caused the failure to call the crisis in a sense in that there is no shortage of economists in the ESRI-----