Europäische Finanzmarktregulierung auf dem falschen Weg

London – Die Krise der Finanzsysteme auf aller Welt, die massive Versäumnisse der Regulierungsbehörden erkennen lässt, hat Forderungen nach einer umfassenderen und besseren Aufsicht laut werden lassen. Beim G-20-Gipfel in Pittsburgh wurden diese Appelle erneut vorgebracht, und die Europäische Union hat unlängst durch die Vorstellung ihres Vorhabens regiert, eine neue paneuropäische Aufsichtsbehörde einzurichten.

In einem globalisierten Finanzsystem ist es entscheidend, das richtige Gleichgewicht zwischen der Zuständigkeit des Heimat- und des Gastlandes und zwischen nationaler und supranationaler Aufsicht zu finden. Betrachten wir Europa. Europäische Finanzinstitutionen und -märkte überwinden in beispiellosem Ausmaß nationale Grenzen, dennoch dominieren nationale Behörden die Regulierung. Die Auseinandersetzung mit dem europäischen Problem könnte uns helfen, auf globaler Ebene Lösungen für diese Herausforderung zu finden. 

Das gegenwärtige Modell der EU – der „Single Passport“, bei dem die Regulierung von Finanzinstitutionen im Heimatland erfolgt – hat auf beschämende Weise versagt. Die baltischen Volkswirtschaften sind vielleicht die tragischsten Opfer, der Schaden erstreckt sich jedoch über Mittel- und Osteuropa bis in die Balkanstaaten. Nach den verheerenden Auswirkungen der Krise auf ihre Volkswirtschaften kann von den Gastländern der Tochtergesellschaften und Niederlassungen westlicher Banken nicht erwartet werden, den Status quo zu akzeptieren.

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