¿Se puede reformar el sistema financiero global?

HONG KONG – En la actualidad hay abundantes pruebas de que los sistemas financieros pueden dejar de funcionar correctamente, de lo que sirven como ejemplo Asia en los noventa y Estados Unidos y Europa una década después. Cuando ello ocurre, se paga un costo intolerable en la forma de interrupción del crecimiento y desempleo.

Pero una reforma del sistema no será posible, o resultará muy endeble, a menos que se alcance un consenso internacional en torno a ciertos temas clave. La libertad del dinero, de los mercados financieros y de las personas para trasladarse de un lugar a otro (y, de ese modo, eludir reglamentaciones e impuestos) puede ser un freno aceptable e incluso constructivo al exceso de intervención oficial, pero no cuando eso da pie a una competencia desregulatoria entre países que impide la adopción de normas éticas y prudenciales necesarias.

Tal vez lo primero en lo que habría que pensar sea adoptar un enfoque coherente y uniforme para enfrentar las situaciones de quiebra inminente de instituciones de “importancia sistémica”. Tanto los contribuyentes como los gobiernos están cansados de salvar instituciones financieras por temor a una sucesión de quiebras en cadena con efecto destructivo, sabiendo que la posibilidad de rescate alienta a los acreedores a asumir riesgos desmesurados.

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