Come Si Fa il Denaro

BERLINO/SOUTHAMPTON – Il mese scorso, i paesi BRICS (Brasile, Russia, India, Cina e Sudafrica) hanno annunciato la creazione di una propria banca di sviluppo, che dovrebbe ridurre la loro dipendenza dalla Banca Mondiale e dal Fondo Monetario Internazionale, istituzioni dominate dai paesi occidentali ed incentrate sul dollaro. Queste economie potranno beneficiare di un incremento del potere d’azione e di flessibilità per quanto riguarda le politiche monetarie. Ma non dovrebbero trascurare i preziosi insegnamenti offerti dalle recenti innovazioni introdotte dalle azioni monetarie delle banche centrali dei paesi avanzati.

Nel mese di giugno, la Banca Centrale Europea, seguendo l’esempio del 2012 della Banca d’Inghilterra, ha identificato “il credito bancario per l’economia reale”  come un nuovo obiettivo politico. Un paio di settimane più tardi, la Banca d’Inghilterra ha annunciato l’introduzione di una forma di orientamento al credito tale da limitare gli importi utilizzati per le transazioni di titoli di proprietà.

Prima della crisi finanziaria scoppiata nel 2008, tutte queste politiche sarebbero state denigrate come interventi ingiustificati sui mercati finanziari. Infatti, nel 2005, quando uno di noi (Werner) ha raccomandato tali politiche per la prevenzione di “ricorrenti crisi bancarie”, ha dovuto affrontare critiche veementi.

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