The origins of the Washington Consensus lie in the debt crisis of the 1980s in Latin American countries. Their economies – built on the import substitution strategy, strongly protectionist, living on borrowed money and wasting that money – were on the verge of bankruptcy. The cure was adopting new economic strategies advised by international financial institutions, mostly, the International Monetary Fund. Also, western economic think tanks were preparing receipts for economic recovery of Latin American countries. Institute for International Economics, located in Washington, D.C., also presented its proposal – called Washington Consensus – that was accepted by governments of most of Latin American countries. In very short way it can be described as a set of neoliberal reforms that had to help Latin American economies to get out of the deep crisis.

It is almost twenty years since the Consensus was adopted. In that period Latin American countries went through a lot of economic, political and social crisis. In my paper I would like to answer the question: Are the recommendations of Washington Consensus still actual for Latin America? Moreover, are they still implemented? A lot of factors make it difficult to prove that the ideas of neoliberal transformation in Latin America are today commonly accepted in the region. As the 21st century started, deep creeks have appeared within the consensus.