The truth is that an observer would probably conclude that none of the policies adopted either on or in defiance of the IMF’s advice made much difference either way.

事实上，一个不卖弄花言巧语的人会认为，各国所采取的一切对抗或无视国际货币基金组织建议的政策都不会起什么作用。

请问里面的either on 是看成 adopted on the IMF's advice....吗  既“一切实施了或无视国际货币基金组织建议的政策...”