Damien Meyer/AFP/Getty Images

I lati oscuri del Fondo monetario

BERKELEY – Dopo le azioni controverse del Fondo monetario internazionale nella crisi finanziaria asiatica del 1998, quando l’istituto ha influenzato la concessione di liquidità ai paesi in difficoltà a causa della riduzione di spesa da parte del governo, l’Fmi ha istituito l’Organismo indipendente di valutazione (IEO) al fine di effettuare valutazioni a distanza delle sue politiche e dei suoi programmi. Tale organismo ha ora rilasciato una critica globale del ruolo del Fondo durante la crisi post 2008 in Europa.

Molte delle conclusioni dello Ieo sono note. Il controllo dell’Fmi, destinato a rilevare le vulnerabilità e gli squilibri economici, è stato inadeguato. Mentre i funzionari, a volte, menzionavano una forte espansione del credito, restando a bocca aperta di fronte al deficit delle partite correnti, o a una produttività stagnante, il Fondo Monetario ha minimizzato le conseguenze.

Ciò riflette una tendenza, consapevole o no, a pensare che l'Europa fosse diversa. Le sue economie avanzate non presentavano le stesse vulnerabilità dei mercati emergenti. Le istituzioni forti come la Commissione europea e la Banca centrale europea hanno capacità di gestione superiori. L'unione monetaria, per qualche motivo meno-che-del tutto noto, ha cambiato le regole del gioco.

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