Barrie Maguire


БРЮССЕЛЬ – Мир не испытывает недостатка сведений относительно того, что в последние 18 месяцев пошло не так на мировых фондовых рынках. Очевидно, что вина за все это лежит не на каком-то одном определенном факторе, а на сложной системе отношений, взаимосвязей, событий и просчетов со стороны нескольких различных действующих сил.

Я, например, убежден, что в эти годы со стороны предложения рынка финансовых услуг, с его хорошо организованными и влиятельными лобби, была слишком сильно развита практика «теории регулирующих институтов». В отличие от этого, со стороны спроса наблюдалось слишком сильное затишье. Законодателям стоит гораздо более сознательно относиться к такому несоответствию.

Второй проблемой для регуляторов, наблюдателей и, по сути, агентств по оценке кредитоспособности были недостаточные ресурсы. Когда наблюдался бум на рынках банковских инвестиций - и частный сектор с легкостью набирал на работу наилучших специалистов - регуляторы и наблюдатели столкнулись с трудностями, пытаясь заставить бюджеты не отставать от инноваций и контролировать рынки. В будущем, правительствам потребуется выделить  необходимое количество ресурсов для того, чтобы гарантировать более адекватный контроль над управлением рисками в финансовых институтах.

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