Dollar and other currencies in cash.

Cómo enfrentar la crisis de liquidez que se avecina

SAN PABLO – Este mes, los líderes del G20 se encontrarán en Antalya, Turquía, en su décima reunión cumbre desde la crisis financiera mundial de 2007. Pero, a pesar de todas estas reuniones –eventos de alto perfil en los que participan los principales tomadores de decisiones de las economías más influyentes del mundo– no se han logrado avances reales en la reforma de la arquitectura financiera internacional. De hecho, el grupo no se ha involucrado seriamente en el proyecto desde la cumbre de 2010, en Seúl. En términos simples, el G20 está fracasando en su propósito principal y original: mejorar la estabilidad financiera y monetaria mundial.

Una parte importante del problema es que con el transcurso del tiempo la agenda del G20 está cada vez más abarrotada. En una época de agitación financiera en ciernes, el G20 debe dejar de intentar ocuparse simultáneamente de una amplia gama de problemas –algo que ha resultado imposible– y volver sobre las cuestiones básicas.

La Reserva Federal de Estados Unidos se está preparando para aumentar las tasas de interés, que ha mantenido cercanas a cero desde la crisis. Aunque este ajuste de la política monetaria puede ser necesario, se arriesga a disparar una grave crisis de liquidez en los países en vías de desarrollo, con un importante impacto sobre el crecimiento económico y el desarrollo. Por eso, en la cumbre de este mes del G20, los participantes deben enfocarse en generar una red institucional de protección creíble para los difíciles tiempos que nos esperan.

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