head in hands Leonid Lazarev/Getty Images

صداع الديون الضخمة في مرحلة ما بعد الأزمة الاقتصادية

كمبريدج - خلص اجتماع وزراء مالية مجموعة ال 20 ومحافظو البنوك المركزية في واشنطن العاصمة الأسبوع الماضي إلى نتائج غير مشجعة. ولا غرابة في الأمر لأن هناك تضاؤل فرص النمو العالمي وسط مجموعة متنوعة من المخاطر الناجمة عن كل من الدول المتقدمة والنامية.

وتناول المشاركون في الاجتماع - مرة أخرى - الحاجة إلى مزيد من التنسيق بين السياسات والمزيد من الحوافز المالية، والحاجة إلى مجموعة متنوعة من الإصلاحات الهيكلية. وأصبح هذا النقاش أكثر إلحاحا نظرا للاعتقاد السائد أن السياسة النقدية قد تفتقد قوة المقاومة، وأن التخفيضات التنافسية من شأنها أن تضر أكثر مما تنفع.

ولكن ما تزال أكبر الاقتصادات في العالم، بعد ما يقرب من ثماني سنوات على الأزمة المالية العالمية، مثقلة بمستويات عالية من الديون العامة والخاصة، ومن المحير أن إعادة الهيكلة الشاملة لا تحتل مكانا بارزا بين قائمة الخيارات السياسية. وبالنسبة للاقتصاد العالمي، فإن إعادة هيكلة الديون هي بمثابة الفيل البارز في الغرفة.

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