Paul Lachine

Eine neue globale Architektur

NEW YORK – Fünfundzwanzig Jahre nach dem Fall der Berliner Mauer und dem Zusammenbruch des Kommunismus steht die Welt erneut vor einer überaus bedeutsamen Entscheidung zwischen zwei grundlegend verschiedenen Organisationsformen: internationaler Kapitalismus oder Staatskapitalismus. Ersterer wird von den USA verkörpert und ist zusammengebrochen. Letzterer, repräsentiert durch China, ist auf dem Vormarsch. Folgt man dem Weg des geringsten Widerstandes, wird dies zu einem schrittweisen Zerfall es internationalen Finanzsystems führen. Es muss ein neues multilaterales System auf Grundlage von vernünftigeren Prinzipien geschaffen werden.

Während eine internationale Zusammenarbeit bei Reformen im Regulierungsbereich schrittweise schwierig zu erreichen ist, könnte dies im Rahmen einer großen Lösung, mit der man die gesamte Finanzordnung neu organisiert, sehr wohl gelingen. Um neue internationale Regeln aufzustellen, bedarf es einer neuen Bretton-Woods-Konferenz im Stile der ursprünglichen, auf der die internationale Finanzarchitektur nach dem Zweiten Weltkrieg etabliert wurde. Diese neuen Regeln müssen die Behandlung von Finanzinstitutionen, die zu groß sind, um zu scheitern ebenso umfassen wie eine Definition der Rolle von Kapitalkontrollen. Überdies müsste man sich der Reorganisation des Internationalen Währungsfonds widmen, um die aktuelle Rangordnung der Staaten besser wiederzugeben und die vom Fonds angewandten Methoden zu überarbeiten. 

Außerdem müsste ein neues Bretton Woods auch zu einer Reform des Währungssystems führen. Die Nachkriegsordnung, aufgrund derer die USA gleicher waren als andere, führte zu gefährlichen Ungleichgewichten. Der Dollar genießt nicht mehr das Vertrauen früherer Tage und dennoch kann keine andere Währung an seine Stelle treten.  

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