Christine Lagarde at G20 2016 Li Xin/ Xinhua via ZUMA Wire

La resiliencia furtiva de la economía global

OXFORD – La semana pasada, Christine Lagarde, la directora gerente del Fondo Monetario Internacional, advirtió que si los países no actúan en conjunto, la economía global podría descarrilar. Por su parte la OCDE ha alertado que los países deben tomar medidas de manera "urgente" y "colectiva" para impulsar las perspectivas de crecimiento globales. Sin embargo, los ministros de Finanzas y presidentes de bancos centrales del G-20 a quienes estaban dirigidas estas súplicas no se pusieron de acuerdo respecto de alguna de estas medidas en su reciente reunión en Shanghái.

Sin duda, el comunicado difundido después de la reunión incluye la promesa de utilizar "todas las herramientas de política monetaria, fiscal y estructural de manera individual y colectiva" para "fomentar la confianza y preservar y fortalecer la recuperación". Pero el comunicado también refleja divisiones marcadas -particularmente con respecto al papel de la política monetaria y fiscal en cuanto a estimular el crecimiento- entre los ministros de Finanzas y los banqueros centrales que acordaron sobre su texto.

En materia de política monetaria, el comunicado ofrece la declaración vacía de que el G-20 "continuará respaldando la actividad económica y asegurando la estabilidad de precios, de manera consistente con los mandatos de los bancos centrales". Eso evitó el interrogante central: ¿los bancos centrales deberían intentar estimular el crecimiento a través de políticas monetarias "no convencionales"?

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