Erholung vor Reform

LONDON – Die Finanzkrise, die 2007 begann, hat die Weltwirtschaft in zwei Jahren um sechs Prozent schrumpfen lassen und die Arbeitslosenquote verdoppelt. Die unmittelbare Ursache war räuberische Kreditvergabe, die Menschen sind also verständlicherweise ärgerlich und wollen, dass Köpfe und Prämien rollen – ein Gefühl, dem die aktuellen weltweiten Proteste gegen „Wall Street“ Ausdruck verleihen.

Die Banken sind jedoch nicht nur Teil des Problems, sie sind auch ein wesentlicher Teil der Lösung. Dieselben Institutionen, die die Krise verursacht haben, müssen bei ihrer Bewältigung helfen, indem sie wieder Kredite vergeben. Bei nachlassender globaler Nachfrage muss die Priorität auf der Erholung liegen, ohne das Ziel der Reform aus den Augen zu verlieren – eine schwierige politische Aufgabe.

Die Maxime für die Reform ist die Notwendigkeit, die Branche der Finanzdienstleistungen neu zu regulieren. Kurz vor der Krise haben Experten laut verkündet, dass „effiziente“ Finanzmärkte sicher der Eigenregulierung überlassen werden könnten. Als Spiegelung des finanziellen Freibeuter-Zeitgeistes der damals gängig war, erklärte der Internationale Währungsfonds 2006, „die Streuung des Kreditrisikos durch Banken auf eine breitere und vielfältigere Investorengruppe… hat dazu beigetragen, dass das Bankenwesen und das Finanzsystem insgesamt widerstandsfähiger geworden sind…“. Daraus folgt, „dass Geschäftsbanken gegenüber Schocks nicht so anfällig sind.“

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