In 2006 the IMF’s Financial Sector Assessment Program (FSAP) lauded Iceland’s capacity to ‘withstand extreme, but plausible, shocks’, which was clearly an error in judgment. After the international financial crisis hit, IMF officials bemoaned the lack of professional market skills in FSAP teams. Importing these skills was difficult given IMF staff freezes, but post-crisis FSAP continued with heightened legitimacy in and outside the IMF. This article provides an assessment of FSAP teams, focusing on the hiring of external experts and their professional skills. We use Optimal Matching analysis of work roles in career histories to identify differences in policy teams and external experts’ attributes. The article also draws on interviews with FSAP team members from 2008-2013. We demonstrate that changes in professional skills and team composition are a consequence of demands for professional insulation, institutional legitimation, and a view of professionalism as transnational organizational competence.
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