Dean Rohrer

Reform des Reservewährungssystems

NEW YORK – Sowohl China als auch die Kommission der Vereinten Nationen zur Reform des internationalen Währungs- und Finanzsystems fordern ein neues globales Reservewährungssystem. Dieses Thema soll bei der nächsten Zusammenkunft des Internationalen Währungs- und Finanzsausschusses des IWF an erster Stelle der Tagesordnung stehen.

Der Grundgedanke ist ziemlich einfach: Langfristig kann ein internationales Währungssystem nicht auf einer nationalen Währung aufgebaut sein – ein Argument, das der belgisch-amerikanische Ökonom Robert Triffin schon vor einem halben Jahrhundert vorbrachte. Das Erkennen dieses fundamentalen Problems war der Grund, warum der IWF in den 1960er Jahren die Sonderziehungsrechte (SZR) schuf.

Der Dollar-Standard, mit dem die Welt seit den frühen 1970er Jahren lebt, hat drei grundlegende Mängel. Erstens wird, so wie in allen vorangegangenen Systemen, der Anpassungsdruck den Defizitländern aufgeladen und nicht den Nationen mit Überschüssen. Die einzige Ausnahme bilden dabei die USA, die dank ihres Status als Reservewährungsnation bislang in der Lage waren, ihr Defizit durch die Ausgabe von Dollar-Verbindlichkeiten zu finanzieren, die vom Rest der Welt gehalten werden.

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