Ist eine globale Finanzreform möglich?

HONGKONG – Heutzutage ist hinlänglich belegt, dass Finanzsysteme anfällig für Zusammenbrüche sind, ob in den 1990er-Jahren in Asien oder ein Jahrzehnt später in den USA und Europa. Die Unterbrechungen des Wachstums und Arbeitslosigkeit verursachen ein unhaltbar hohes Ausmaß an Kosten,

Ohne einen internationalen Konsens über einige Schlüsselfragen werden notwendige Reformen allerdings deutlich geschwächt, wenn nicht sogar scheitern. Die Freiheit des Geldes, der Finanzmärkte und die Bewegungsfreiheit der Menschen – und somit die Möglichkeit, sich der Regulierung und Besteuerung zu entziehen – mag zwar eine akzeptable und sogar konstruktive Bremse für übertriebenes behördliches Eingreifen sein, das trifft aber nicht zu, wenn ein Deregulierungswettlauf die Einführung notwendiger ethischer und aufsichtsrechtlicher Standards verhindert.

Einer geschlossenen, einheitlichen Vorgehensweise im Umgang mit dem drohenden Zusammenbruch „systemrelevanter“ Institutionen kommt dabei vielleicht die größte Bedeutung zu. Steuerzahler und Regierungen sind es leid, Gläubigern aus Furcht vor destruktiven Ansteckungseffekten aus der Klemme zu helfen – zumal Rettungsaktionen Anreize bieten, übermäßige Risiken einzugehen.

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