Wachablösung beim IWF

Die bevorstehende Ablösung des geschäftsführenden Vize-Direktors des IWF, Stanley Fischer, markiert das Ende einer Epoche, denn all diejenigen, die während der globalen Krisen von 1997 bis 1998 an der Spitze der Organisation standen (Fischer, der geschäftsführende Direktor Michel Camdessus, Forschungsdirektor Michael Mussa sowie die hinter den Kulissen tätigen Robert Rubin und Larry Summersund aus dem US-Finanzministerium) sind bereits gegangen oder im Begriff zu gehen.

Den Misserfolgen in Indonesien, Thailand und Korea von 1997 folgten Fehlschläge in Russland und Brasilien im Jahr darauf: Versuche, die Wechselkurse auf einem überhöhten Niveau zu halten, kosteten die Steuerzahler in diesen Ländern Milliarden von Dollar. Die Erhaltung der Wechselkurse gab jedoch den Investoren den entscheidenden Aufschub, damit sie sich zu günstigen Bedingungen aus dem Staub machen konnten. Erst eine Abwertung der Währung machte Wachstum in diesen Ländern wieder möglich.

Mit jedem Misserfolg verlor der IWF an Glaubwürdigkeit. Trotzdem warf er mit Problemlösungen nur so um sich, eine erfolgloser als die andere. Manchmal galt eine vorsorgliche Kreditgewährung als Problemlösung, wie in Brasilien, ein anderes Mal verfolgte man eine Strategie der Verweigerung finanzieller Hilfe, wie in Rumänien, was am Ende auch aufgegeben wurde.

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