El momento de Sarkozy

LONDRES – Hace poco más de tres años, justo cuando más arreciaba la crisis financiera, publiqué una guía del sistema internacional de reglamentación financiera, Global Financial Regulation: The Essential Guide, en la que describía una compleja tela de araña de comités, consejos y organismos compuestos de miembros no representativos y con atribuciones superpuestas y poderes insuficientes para  imponer el cumplimiento de las normas: un sistema que ha ido acumulándose a lo largo de decenios, sin directrices estructuradoras ni una autoridad central que promoviera normas reglamentadoras coherentes a escala mundial.

Después de todo lo sucedido en estos años y que ha demostrado los peligros inherentes a esas deficiencias y de una plétora de cumbres y conferencias, una guía de la reglamentación financiera de 2008 debería haber quedado ya totalmente anticuada. Por desgracia, no ha sido así.

Cierto es que algunas cosas han cambiado para mejor. En la cima de la pirámide, el G-7 tuvo que ceder el paso a un G-20, más amplio, en cuya adopción conjunta de decisiones participarán como miembros de pleno derecho China y la India. A consecuencia de ello, las cumbres del G-20 resultan más engorrosas, pero eso  refleja simplemente la realidad del cambio que se está produciendo en el poder económico desde el Oeste hasta el Este.

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