highway roadblock Washington State Dept of Transportation/Flickr

Los obstáculos que Europa pone a la inversión a largo plazo

AMSTERDAM – Uno de los mayores problemas que afronta la economía europea es la falta de liquidez en sus mercados de capitales. Desde la crisis financiera mundial de 2008, se ha promulgado un número enorme de nuevas normas. Para facilitar la inversión a largo plazo que Europa necesita apremiantemente, sería oportuno reevaluar el marco regulatorio más amplio que ha surgido en los seis últimos años.

Como los bancos son reacios a conceder nuevos préstamos, entidades como los fondos de pensiones están en buenas condiciones para satisfacer la apremiante demanda de capital. De hecho, los ahorros de trabajadores que tal vez no se jubilen durante varios decenios son particularmente apropiados para las inversiones a largo plazo. El problema estriba en que en muchos casos las normas y los reglamentos encaminados a garantizar la estabilidad de los mercados financieros impiden a los fondos de pensiones y de otra índole asignar los ahorros fácil y eficientemente.

No se puede subestimar la importancia de los reglamentos adecuados. Cuando se formulan y aplican adecuadamente, garantizan la estabilidad financiera, mantienen (y, en caso necesario, restablecen) la confianza en los mercados y facilitan la inversión a largo plazo, con lo que ayudan a los ciudadanos a satisfacer sus futuras necesidades financieras, pero, si los reglamentos no están bien adaptados a los diferentes tipos de participantes en los mercados y a la forma como funcionan los mercados en realidad, pueden estrangular las oportunidades que, de lo contrario, beneficiarían a los inversores y a la economía.

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