O render da guarda monetária

NOVA IORQUE - Com transições de liderança em muitos bancos centrais, em curso ou em breve, muitos daqueles que foram, em parte, responsáveis por criarem a crise económica mundial que estalou em 2008 - antes de se tomarem medidas fortes para se evitar o pior - estão a partir para revisões variadas. A principal questão agora é saber até que ponto as revisões irão influenciar o comportamento dos seus sucessores.

Muitos dos actores do mercado financeiro estão gratos pelo relaxamento regulador que lhes permitiu colher enormes lucros antes da crise e pelos resgates generosos que os ajudaram a recapitalizar - e a ganhar facilmente, e muitas vezes, bónus espectaculares - precisamente quando levavam a economia mundial quase à ruína. É verdade que o dinheiro fácil ajudou a recuperar os preços das acções, mas também poderia ter criado novas bolhas de activos.

Enquanto isso, o PIB de muitos países europeus continua a estar notoriamente abaixo dos níveis pré-crise. Nos Estados Unidos, apesar do crescimento do PIB, a maioria dos cidadãos está hoje em pior situação do que a que tinha antes da crise, uma vez que desde então os ganhos de rendimentos foram quase todos para aqueles que se encontram nas melhores posições.

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