Dean Rohrer

إصلاح الاحتياطي العالمي

نيويورك ـ دعت كل من لجنتي الصين والأمم المتحدة بشأن إصلاح النظام النقدي والمالي الدولي إلى تأسيس نظام احتياطي عالمي جديد. وينبغي لهذه القضية أن تكون على رأس جدول أعمال الاجتماع التالي للجنة النقدية والمالية الدولية التابعة لصندوق النقد الدولي.

إن الفكرة الأساسية في غاية البساطة: ففي الأمد البعيد لن يكون من الممكن تأسيس نظام نقدي دولي على عملة محلية ـ وهي النقطة التي ذكرها قبل نصف قرن من الزمان الاقتصادي البلجيكي الأميركي روبرت تريفين . إن إدراك هذه المشكلة الجوهرية كان السبب وراء تأسيس صندوق النقد الدولي لنظام حقوق السحب الخاصة في ستينيات القرن العشرين.

إن معيار الدولار الذي تبناه العالم منذ مطلع سبعينيات القرن العشرين يعاني من ثلاثة عيوب جوهرية. الأول أنه كمثل كل الأنظمة السابقة يضع عبء التعديل على البلدان التي تعاني من العجز وليس البلدان ذات الفائض. وتشكل الولايات المتحدة الاستثناء الرئيسي لهذه القاعدة، وذلك لأنها بفضل تمتعها بوضع صاحبة العملة الاحتياطية كانت قادرة حتى الآن على تمويل عجزها بإصدار ديون دولارية تحتفظ بها بقية بلدان العالم.

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