Recuperación antes que reforma

LONDRES – La crisis financiera que comenzó en el año 2007 provocó una contracción del 6% en la economía mundial en el transcurso de dos años, duplicando, a su vez, el desempleo. La causa directa de dicha crisis fueron los préstamos bancarios depredadores, no es de extrañar que las personas se encuentren naturalmente enojadas y quieran ver rodar cabezas y bonificaciones; este es un sentimiento que fue encapsulado por las actuales protestas a nivel mundial contra “Wall Street”.

Sin embargo, los bancos no son sólo parte del problema, sino también son una parte esencial de la solución. Las mismas instituciones que fueron responsables de causar la crisis deben ayudar a resolverla; para esto, ellas tienen que empezar a prestar nuevamente. Ya que la demanda mundial está languideciendo, la prioridad tiene que ser la recuperación, sin abandonar el objetivo de la reforma: políticamente, esta es una delicada línea a seguir.

Las razones más comunes para la reforma son la necesidad de volver a regular el sector de servicios financieros. En el período previo a la crisis, los expertos afirmaban a todo pulmón que no existe peligro en dejar que los “eficientes” mercados financieros se auto regulen. Reflejando el pensamiento financiero de libre depredación que prevalecía en aquel momento, el Fondo Monetario Internacional declaró en el año 2006 que “la dispersión del riesgo crediticio de los bancos entre un grupo más amplio y diverso de inversores... ha contribuido a hacer que el sistema bancario en particular, y el sistema financiero en general, sea más resistente...” como resultado, “los bancos comerciales pueden ser menos vulnerables a… shocks”.

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