Die Fragmentierung von Bretton Woods

LAGUNA BEACH – Seit sich führende Politiker der 44 alliierten Nationen im Jahr 1944 in Bretton Woods, New Hampshire, trafen, um den institutionellen Rahmen für die Geld- und Wirtschaftsordnung nach dem Zweiten Weltkrieg aufzubauen, hat sich die Welt erheblich verändert. Was sich in den letzten siebzig Jahren nicht verändert hat, ist der Bedarf an starken, multilateralen Institutionen. Und trotzdem scheint die politische Unterstützung für die Bretton-Woods-Institutionen – den Internationalen Währungsfonds und die Weltbank – ein Allzeittief erreicht zu haben. Dies unterminiert die Fähigkeit der Weltwirtschaft zum Erreichen ihres Potenzials und trägt zur geopolitischen Unsicherheit bei.

Den damaligen Teilnehmern der Bretton-Woods-Konferenz war die entscheidende Bedeutung des IWF und der Weltbank für die weltweite Stabilität bewusst. Beide Institutionen waren dafür angelegt, einzelne Länder von kurzsichtigen politischen Maßnahmen abzuhalten, die die Leistung anderer Volkswirtschaften beschädigen, Vergeltungsaktionen auslösen und letztlich die Weltwirtschaft als Ganze beeinträchtigen würden. Sie waren also dazu da, die Art von „Beggar-thy-Neighbor-Politik“ zu verhindern, die viele große Volkswirtschaften während der Großen Depression der 1930er betrieben hatten.

Darüber hinaus stärkten die Bretton-Woods-Institutionen durch die Förderung besserer politischer Koordination und die Zusammenlegung finanzieller Ressourcen die Effektivität der internationalen Zusammenarbeit. Das Angebot einer gemeinsamen Versicherung für Länder mit vorübergehenden Schwierigkeiten oder Problemen bei der Entwicklungsfinanzierung kam der Stabilität zugute.

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