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Arejar a roupa suja do FMI

BERKELEY – No seguimento das controversas acções do Fundo Monetário Internacional durante a crise financeira Asiática de 1998, quando condicionou a cedência de liquidez a países em dificuldades à austeridade governamental, o FMI criou um Gabinete de Avaliação Independente (GAI) para empreender avaliações independentes às suas políticas e programas. Esse gabinete publicou agora uma crítica ao papel do Fundo durante a crise Europeia posterior a 2008.

Muitas das conclusões do GAI serão familiares. A vigilância do FMI, destinada a detectar vulnerabilidades e desequilíbrios económicos, foi inadequada. Embora os seus técnicos tenham por vezes apontado para a explosão do crédito, para os profundos défices nas contas correntes, ou para a estagnação da produtividade, acabaram por menosprezar as suas implicações.

Isto reflectiu uma tendência, consciente ou não, para pensar que a Europa era diferente. As suas economias avançadas não apresentavam as mesmas vulnerabilidades dos mercados emergentes. Instituições fortes, como a Comissão Europeia e o Banco Central Europeu, detinham superiores aptidões de gestão. A união monetária, por uma qualquer razão pouco definida, alterou as regras do jogo.

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