¿Un FMI que podamos querer?

CAMBRIDGE – Qué diferencia ha significado la crisis para el Fondo Monetario Internacional. Apenas unos meses atrás esta importante pero poco querida institución, símbolo de los acuerdos económicos globales de post-guerra, parecía destinada a la irrelevancia.

Por largo tiempo el FMI ha sido una cabeza de turco tanto para la izquierda como la derecha, la primera por el énfasis del Fondo en la rectitud fiscal y la ortodoxia económica, y la otra por su papel en el rescate financiero de las naciones endeudadas. Las naciones en desarrollo siguieron sus consejos a regañadientes, mientras que las naciones avanzadas, que no necesitaban el dinero, no les prestaban la menor atención. En un mundo en que los flujos de capitales privados empequeñecían los recursos a su disposición, el FMI había llegado a parecer un anacronismo.

Y, cuando algunos de los mayores deudores del FMI (Brasil y Argentina) comenzaron a prepagar sus deudas hace unos años sin que hubiese nuevos deudores a la vista, era como si le hubieran puesto el último clavo al ataúd. El FMI parecía condenado a que sus ingresos se acabaran, además de perder su razón de ser. Redujo sus presupuestos y comenzó a aminorar su tamaño, y si bien se le atribuyeron nuevas responsabilidades en el intertanto -vigilancia de la "manipulación del tipo de cambio", en particular-, sus deliberaciones demostraron ser en gran medida irrelevantes.

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