Fermare l'allentamento monetario competitivo

MUMBAI – Mentre il mondo fatica a riprendersi dalla crisi economica globale, le politiche monetarie non convenzionali adottate da molti paesi avanzati sembrano aver ottenuto l'approvazione generale. In queste economie, dove vige un eccesso d’indebitamento, la situazione politica è incerta e la necessità di riforme strutturali frena la domanda interna, ci si chiede, però, se i benefici di tali politiche non abbiano spostato i loro dannosi effetti indiretti, i cosiddetti spillover, su altre realtà.

Più problematico ancora è il fatto che il disprezzo per tali effetti rischia d’instradare l'economia mondiale verso un pericoloso occhio per occhio monetario, in questo caso non convenzionale. Per garantire una crescita economica stabile e sostenibile, i leader mondiali devono rivedere le regole internazionali del gioco monetario, e le economie avanzate ed emergenti essere disposte ad adottare politiche monetarie più orientate al bene comune.

Certamente, alcune politiche non convenzionali, come il quantitative easing (QE), hanno una funzione; d’altra parte, quando i mercati sono frammentati o gravemente disfunzionali, i banchieri centrali devono pensare in modo innovativo. In realtà, molti degli interventi realizzati dopo il crollo della banca d'investimento statunitense Lehman Brothers nel 2008 si sono rivelati giusti, anche se i banchieri centrali hanno agito senza alcuna guida.

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