Neustart für die Schwellenländer Europas

LONDON – Nach der Finanzkrise der Jahre 1997-1998 gelobten die politischen Entscheidungsträger der größten asiatischen Schwellenmärkte – Südkorea, Thailand, Malaysia und sogar Indonesien – sich „nie wieder“  von den internationalen Kapitalmärkten demütigen zu lassen. Sie begannen mit der Aufarbeitung der Strukturschwächen, die ihre Systeme in die Knie gezwungen hatten.                 

Zahlreiche Schwellenländer Europas machten während der jüngsten globalen Krise ähnliche  Nahtoderfahrungen. Dank internationaler und nationaler Interventionen wurden ihre Währungs- und Bankensysteme zwar vor dem totalen Zusammenbruch bewahrt, aber in vielen Ländern kam es zu massiven Produktionsrückgängen und stark steigender Arbeitslosigkeit. Unglücklicherweise haben sie aber nicht die gleiche Entschlossenheit wie die asiatischen Länder an den Tag gelegt, als es darum ging, die Schwachstellen in Angriff zu nehmen.   

Nach der Krise in Asien wurden die Ökonomien der Region einer eingehenden internen und  externen Überprüfung unterzogen. Es war klar, dass sie aufgrund des Verlustes der Wettbewerbsfähigkeit, schwacher Regierungsführung und eines Mangels an Transparenz anfälliger geworden waren. Überdies wurden schlecht regulierte Bankensektoren, dürftige Marktstrukturen und schwache Wettbewerbsfähigkeit sowie Handels- und Leistungsbilanzbeschränkungen als Mängel identifiziert. Nicht alle asiatischen Länder verfolgten diesen Kurs im gleichen Ausmaß und manche Reformchance wurde zweifellos auch vertan, aber wichtige Lehren wurden gezogen und Institutionen verbessert. 

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