¿Un nuevo Bretton Woods?

PRINCETON – La caótica y costosa respuesta internacional a la actual crisis financiera mundial llevó al presidente francés, Nicolas Sarkozy, al primer ministro británico, Gordon Brown, y al presidente alemán, Horst Köhler, ex director del Fondo Monetario Internacional, a convocar una nueva Conferencia de Bretton Woods con el objetivo de diseñar un nuevo sistema financiero global. Pero este tipo de demanda depende de que se entienda claramente qué podría ofrecer un nuevo acuerdo.

Resulta fácil ver el atractivo de desechar la arquitectura financiera global de hoy, porque obviamente es mucho lo que ya está deshecho. Las instituciones existentes parecían cada vez más irrelevantes en tiempos normales, e ineficaces en tiempos de crisis. Si bien el FMI difundió algunas cifras lóbregamente precisas sobre el probable costo del fiasco inmobiliario norteamericano, prácticamente no tuvo participación a la hora de abordar la crisis actual. Esta fue la primera crisis financiera internacional desde la Conferencia de Bretton Woods de 1944 en que el Fondo se mantuvo al margen.

El principal actor internacional, en cambio, ha sido el G7, un agrupamiento dominado por estados europeos de tamaño medio en el que las dinámicas economías emergentes de Asia -la actual fuente de ahorros globales- no tienen representación alguna.

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