El nuevo club para bancos centrales de primera clase

NUEVA YORK – En la estala de la crisis financiera 2007-2008, los bancos centrales del mundo desempeñaron  un papel fundamental en el rescate del sistema financiero mundial. Intervinieron cuando los mercados privados se congelaron, haciendo las veces de prestamistas e intermediarios de última instancia, y proporcionaron liquidez adicional para engrasar las ruedas que hacen girar las finanzas.

Estos bancos centrales ofrecieron sus servicios principalmente a los participantes nacionales, pero también extendieron su generosidad a las entidades privadas extranjeras. De hecho, incluso los Estados extranjeros se beneficiaron después de que los bancos centrales firmaron acuerdos de intercambio, llamados también acuerdos “swap”, proporcionándose entre ellos acceso ilimitado a sus respectivas monedas. Esta situación ha creado un precedente preocupante.

Las líneas de intercambio también denominadas líneas “swap”, originalmente creadas como una solución temporal en el año 2007, y establecidas en dicho momento para vincular a la Reserva Federal de los EE.UU., el Banco Central Europeo y el Banco Nacional de Suiza, se han ampliado en cada ocasión en la que una nueva crisis sacudió los mercados. Sin embargo hace muy poco tiempo atrás, seis bancos centrales anunciaron su determinación de constituir dichas líneas de intercambio de manera permanente.

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