Dollar and other currencies in cash.

Confrontando a Próxima Crise Internacional de Liquidez

SAO PAULO – Este mês, os líderes do G20 se reunirão em Antalya, Turquia, para a sua décima reunião de cúpula desde a crise financeira global de 2007. Mas, apesar de todas essas reuniões - encontros altamente relevantes, envolvendo os dirigentes do topo das economias mais influentes do mundo - nenhum progresso real tem sido feito para reformar a arquitetura financeira internacional. De fato, o G20 não está seriamente engajado nesse tema desde o encontro de 2010, em Seul. Em outras palavras, o grupo está falhando em seu principal e original propósito de reforçar a estabilidade financeira e monetária global.

Uma grande parte do problema é que a agenda do G20, ao longo dos anos, tem se tornado cada vez mais sobrecarregada. Em um momento iminente de turbulência financeira, o G20 deve descontinuar a prática de tratar um amplo leque de problemas globais ao mesmo tempo - uma meta que se revelou impossível - e voltar ao básico.

O banco central dos Estados Unidos (Federal Reserve) se prepara para, possivelmente em curto período de tempo, elevar as taxas de juros que têm sido mantidas perto de zero desde a crise de 2007. O movimento, embora talvez necessário, corre o risco de desencadear uma grave crise de liquidez em países em desenvolvimento, com grande impacto sobre o crescimento e o desenvolvimento dessas economias. É por essa razão que, na reunião do G20 desse mês, os dirigentes devem se concentrar em construir um mecanismo institucional crível de proteção financeira para os tempos difíceis que se avizinham.

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