Maak een einde aan de financiële wapenwedloop

CAMBRIDGE – Mensen vragen vaak of de toezichthouders en wetgevers de gebreken van het financiële systeem hebben gerepareerd die de wereld op de rand van een tweede Grote Depressie hebben gebracht. Het korte antwoord is nee.

Zeker, de kansen op een onmiddellijke herhaling van de acute financiële crisis van 2008 zijn enorm afgenomen door het feit dat de meeste beleggers, toezichthouders, consumenten en zelfs politici zich de financiële bijna-dood-ervaring nog wel even zullen herinneren. Als gevolg daarvan zou het ook nog wel even kunnen duren voor de roekeloosheid weer om zich heen grijpt.

Maar verder is er weinig fundamenteel veranderd. De wetgeving en het toezicht die in het kielzog van de crisis zijn geproduceerd, hebben grotendeels gediend als een stoplap om de status quo te handhaven. Politici en toezichthouders hebben noch de politieke moed noch de intellectuele overtuigingskracht die nodig zijn om terug te keren naar een helderder en directer systeem.

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