Paul Lachine

Завершение обсуждения повестки дня для саммита Большой Двадцатки

НЬЮ-ЙОРК – Практически полный развал финансовых систем во всем мире выявил фундаментальные слабости в их структуре и методе регулирования. Саммит Большой Двадцатки начал процесс реконструкции с призыва принять меры по “предотвращению системного риска”, признав, что необходимо регулировать всю систему целиком, а не только отдельные учреждения.

К сожалению, коммюнике Большой Двадцатки предлагает всего лишь большее количество тех же самых предписаний для управления системным риском, предложенных Форумом Финансовой Стабильности (FSF), Федеральной Резервной Системой США и другими. Эти предложения сосредоточились на проблемах, вызванных плохой прозрачностью, чрезмерным использованием рычагов, слишком крупными финансовыми учреждениями, укрытием от налогов, плохими стимулами для финансовых директоров и конфликтом интересов кредитных рейтинговых агентств. Все они являются важными, но им не хватает фундаментальной сути.

Никто теперь не отрицает, что резкое падение цен на жилье и акции в течение последних лет, которое последовало за длительным подъемом – гораздо выше исторических отметок – помогло вызвать и разжечь кризис. Поскольку это падение продолжается, существует опасность, что оно тоже может стать чрезмерными, затягивая финансовую систему и экономику еще глубже в кризис.

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