Dean Rohrer

Una propuesta modesta para el G-20

BEIJING – En marzo, en una reunión en Beijing organizada por la Iniciativa para el Diálogo de Políticas de la Universidad de Columbia y la Universidad Central de Finanzas y Economía de China, académicos y responsables de políticas discutieron cómo reformar el sistema monetario internacional. Después de todo, aún si el sistema no fue la causa directa de los recientes desequilibrios e inestabilidad en la economía global, demostró su ineficiencia a la hora de abordarlos.

Toda reforma exigirá, por supuesto, una amplia discusión y deliberación. Pero el consenso en Beijing fue que el G-20 debería adoptar una propuesta modesta este año: una expansión limitada del actual sistema de Derechos Especiales de Giro (DEG). Esta propuesta, aunque restringida en su alcance, podría desempeñar un papel importante en iniciar la discusión de reformas más profundas, y ayudaría igualmente a restablecer la salud de la frágil economía mundial y a alcanzar el objetivo expresado en la declaración de Pittsburgh del G-20: un crecimiento sólido, sostenible y equilibrado.

Sugerimos que el papel de los DEG se expanda a través de nuevas emisiones y facilitando su uso en los préstamos del FMI. Estas acciones construirían sobre la afortunada decisión adoptada en la reunión del G-20 en Londres en abril de 2009 de emitir el equivalente de 250.000 millones de dólares en DEG, que en su momento se ejecutó rápidamente. El G-20 podría sugerir que el FMI emitiera un volumen significativo de DEGs en los próximos tres años. Nosotros sugerimos, por ejemplo, una emisión de 150.000-250.000 millones de DEGs por año (aproximadamente 240.000-390.000 millones de dólares a los tipos de cambio actuales).

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