Rodrigo Rato bowed out as managing director of the International Monetary Fund at the weekend amid public plaudits, but some private criticism of his role and the fund’s relevance to the global economy.

After the global credit squeeze that has stalked advanced economies since the summer the mood among central bankers and finance ministers was one of hope mixed with fear: hope that the world economy was sufficiently resilient to emerge with only a few scratches, and the twin fear that big problems still existed in the financial sector at the same time as the global outlook was highly uncertain.