Daniel Tarullo Brooks Kraft

Regolamentazione finanziaria da “America First”?

LONDRA – Mentre il presidente americano Trump lotta per assumere nella propria amministrazione simpatizzanti che possano aiutare a tradurre i tweet in politica, l’esodo delle nomine di Obama dal governo federale e da altre agenzie continua. Per il mondo finanziario, una delle uscite più significative è stata quella di Daniel Tarullo, il governatore della Federal Reserve che ha guidato il lavoro della banca centrale sulla regolamentazione finanziaria negli ultimi sette anni.

Sarebbe eccessivo dire che Tarullo è stato gradito da tutti nella comunità bancaria. Si è sempre dimostrato a favore di un aumento dei capital ratio, negli Stati Uniti e in altri paesi. È stato un tenace negoziatore, con un indiscusso istinto nell’individuare le speciali suppliche da parte delle società finanziarie. Ma le sue dimissioni faranno versare molte lacrime di coccodrillo in Europa. Le banche europee, e anche i loro organi di vigilanza, erano preoccupate per il suo prodigarsi a favore di standard ancora più rigorosi di Basilea 3.5 (o Basilea 4, come amano definirla i banchieri), che, se implementata nella forma favorita dagli Usa, avrebbe richiesto ulteriori e sostanziali incrementi patrimoniali soprattutto per le banche d’Europa. In sua assenza, il destino di tali proposte resta incerto.

Ma Tarullo si è mostrato altresì un entusiasta promotore della cooperazione per la vigilanza internazionale, come dimostrano le numerose miglia di volo percorse. Per alcuni anni ha presieduto la poco nota ma importante Comitato permanente per la cooperazione in materia di vigilanza e regolamentazione del Financial Stability Board. Il suo impegno a collaborare con i colleghi degli enti internazionali come il FSB e il Comitato di Basilea per la supervisione bancaria, per raggiungere accordi globali sulla regolamentazione che consentissero alle banche di competere allo stesso livello, non è mai stato messo in dubbio.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in

  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable

    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.