imf world bank meeting Nicholas Kamm/AFP/Getty Images

Новая жизнь для СДР?

ВАШИГТОН – Подъём антиглобалистских политических движений и угроза торгового протекционизма заставляет задуматься над вопросом, а не позволит ли укрепление многостороннего ядра мировой экономики уменьшить угрозу разрушительной фрагментации. Ведь, если мы вдруг забыли, существующие механизмы, пусть даже и попавшие сегодня под сильное давление, были созданы после Второй мировой войны благодаря сильному желанию наших предшественников минимизировать риски возобновления национальной политики по принципу «разори соседа», которая парализовала рост, процветание и глобальную стабильность в 1930-е годы.

Аналогичные соображения способствовали созданию – почти 50 лет назад – «специальных прав заимствования» (СДР) Международного валютного фонда в качестве потенциальной глобальной валюты. На фоне возобновления заинтересованности в стабильности международной валютной системы возник вопрос, в том числе внутри МВФ, а может ли перенастройка СДР стать частью эффективной программы по оживлению системы многосторонних отношений.

В число изначальных причин появления СДР входили и тревоги относительно возможности национальных валют сочетать в себе способности обеспечения глобальной ликвидности с доверием к своей роли мировой резервной валюты – экономисты называют это «дилеммой Триффина». Создав международную валюту под управлением МВФ, страны-члены фонда хотели поддержать и расширить международную валютную системы с помощью вненационального официального резервного актива.

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