Paul Lachine

Gli errori della regolamentazione bancaria

MEDFORD, MASSACHUSETTS – Immaginate che le discussioni sollevate dal disastro Hindenburg fossero incentrate sugli estintori e sui paracadute di cui avrebbero dovuto disporre i dirigibili, invece che sui difetti di progettazione che avrebbero potuto innescare l’ignizione. Sfortunatamente, gli odierni dibattiti sulla riforma bancaria sono su questa lunghezza d’onda.

Modificare la gigantesca industria bancaria dovrebbe essere l’obiettivo prioritario della riforma. Una volta si era soliti pensare che i banchieri conoscessero ogni mutuatario e valutassero i prestiti caso per caso. Ora, invece, le banche usano modelli evocati da fantomatici maghi finanziari per produrre in serie classi di credito e prodotti derivati. La standardizzazione favorisce la crescita delle megabanche; a differenza degli errati giudizi formulati dai funzionari responsabili dei prestiti, i modelli difettosi di questi maxi sistemi hanno avuto conseguenze disastrose.

Le proposte radicali, volte a rilanciare un sistema robusto e avanzate dal governatore della Banca d’Inghilterra Mervyn King, sono state soffocate dalle accese discussioni sulle eventuali misure che nulla fanno per porre rimedio ai principali difetti del moderno sistema bancario.

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