Dar libertad al FMI

BRUSELAS – El Fondo Monetario Internacional ha vuelto a la acción. Durante los años de la burbuja, no parecía que se necesitara ni su consejo ni su dinero. Sin embargo, hoy más y más países necesitan ayuda para su balanza de pagos, y hay un consenso general de que el sistema monetario global necesita una entidad que pueda supervisar su estabilidad general. El FMI es el único candidato para esta tarea, pero la experiencia ha demostrado que el Fondo sólo puede cumplir este papel si se reforma su gobierno interno.

Garantizar el apoyo a la balanza de pagos tiene importantes implicancias fiscales, y es natural que deba haber una constante y estrecha supervisión por parte de quienes aportan el capital, es decir, los estados miembros del FMI.

No obstante, velar por la estabilidad del sistema financiero global, incluida la evaluación de las políticas de tipos de cambio y los desequilibrios de pagos globales, es una responsabilidad diferente. Para estas funciones analíticas no hay necesidad de una supervisión estrecha. Por el contrario, los factores decisivos deberían ser la pericia profesional y la independencia. Por tanto, un cambio clave debería ser distinguir entre las medidas financieras del FMI y sus funciones analíticas, especialmente la vigilancia de los tipos de interés y otras fuentes de riesgo financiero global.

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