Un Approccio Sistemico alla Stabilità Finanziaria

HONG KONG – Il mese prossimo, a Kiel, in Germania, si riuniranno politici, imprenditori, accademici e rappresentanti della società civile per il Global Economic Symposium (GES), dove si tenterà di elaborare soluzioni concrete per le questioni economiche più pressanti di oggi. La possibilità che essi producano proposte efficaci dipenderà da una comprensione globale dei fattori che favoriscono - e mettono a repentaglio – la stabilità finanziaria mondiale.

Al vertice dello scorso anno, i colloqui sul futuro del sistema bancario centrale, che ha contrapposto una politica di “inflation targeting” alla stabilità finanziaria, hanno prodotto tre soluzioni: le banche centrali dovrebbero adottare un approccio basato su politiche anticicliche; si dovrebbe creare un’autorità monetaria mondiale per la promozione di iniziative di cooperazione multilaterale tra le banche centrali; e la stabilità dei prezzi deve rimanere l’obiettivo di quest’ultime. Sebbene queste soluzioni hanno qualche merito, sono insufficienti ad affrontare efficacemente le carenze complesse e di vasta portata che hanno portato alla crisi finanziaria globale del 2007-2009.

La crisi ha rappresentato un fallimento sistemico globale, comportando guasti a quasi tutti i livelli, dalla teoria macroeconomica agli incentivi di micro-livello alle istituzioni. La professione economica (e le istituzioni all’interno dell’architettura finanziaria esistente, compresi i regolatori) è diventata eccessivamente specialistica, rigida, ed auto-centrata. Di conseguenza, essa non potrebbe più rappresentare l’evoluzione dei sistemi economici, con il loro costante adeguamento riguardo a norme, strumenti e comportamenti.

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