Barrie Maguire

Verbriefte Unsicherheit

BRÜSSEL: An Analysen, was in den letzten 18 Monaten auf den weltweiten Kapitalmärkten schief gegangen ist, herrscht kein Mangel. Klar ist, dass dafür ein komplexes Zusammenspiel von Beziehungen, Interaktionen, Ereignissen und Unterlassungen seitens vieler unterschiedlicher Akteure verantwortlich ist und kein einzelner Faktor.

Ich bin beispielsweise überzeugt, dass es im Laufe der Jahre auf der Angebotsseite des Finanzdienstleistungsmarktes mit ihren gut organisierten und mächtigen Lobbys eine zu starke Vereinnahmung der Regulierer durch die Regulierten gegeben hat. Im Gegensatz dazu gab es auf der Nachfrageseite zu wenig Engagement. Dies ist ein Ungleichgewicht, dessen sich die Gesetzgeber sehr viel stärker bewusst sein müssen.

Ein zweites Problem für Regulierer, Aufsichtsorgane und sogar Rating-Agenturen waren knappe Ressourcen. Während die Märkte für das Investmentbanking florierten – und der private Sektor mit Leichtigkeit die besten Köpfe rekrutieren konnte –, fiel es Regulierern und Aufsichtsorganen schwer, die erforderlichen Budgetmittel zu erhalten, um mit der Innovation Schritt zu halten und die Märkte zu überwachen. In Zukunft werden die Regierungen die erforderlichen Finanzmittel bereitstellen müssen, um für eine robustere Aufsicht des Risikomanagements der Finanzinstitute zu sorgen.

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