Sarkozys Moment

LONDON: Vor etwas mehr als drei Jahren veröffentlichte ich, just als die Finanzkrise voll in Gang kam, ein Handbuch für das internationale System der Finanzregulierung, Global Financial Regulation: The Essential Guide. Es beschrieb ein kompliziertes Spinnensetz aus Ausschüssen, Räten und Behörden mit sich überschneidenden Zuständigkeiten, nicht repräsentativen Mitgliedschaften und unzureichenden Erzwingungsbefugnissen – ein System, das sich über die Jahrzehnte langsam aufgebaut hatte, ohne eine lenkende Architektenhand oder eine zentrale Autorität zur Förderung schlüssiger globaler Regulierungsstandards.

Nach allem, was in den Jahren danach passiert ist, um die diesen Mängeln innewohnende Gefahren zu zeigen, und einer Unzahl von Gipfeltreffen und Konferenzen sollte ein Handbuch zur Finanzregulierung von 2008 inzwischen hoffnungslos veraltet sein. Leider ist es das nicht.

Es stimmt schon, Einiges hat sich zum Besseren geändert. An der Spitze der Pyramide waren die G7 gezwungen, den breiter angelegten G20 Platz zu machen, was Länder wie China und Indien als vollberechtigte Partner in den Entscheidungszusammenhang einband. Die G20-Gipfel sind dadurch schwerfälliger geworden, doch das spiegelt lediglich die Realität der aktuellen Verlagerung wirtschaftlicher Macht vom Westen in den Osten wider.

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