Разрастание МВФ будет ошибкой

КЕМБРИДЖ. Финансовый кризис распространяется от стран с развитой экономикой на развивающиеся страны, он разрушает не только экономики с государственным регулированием, что характерно для Венесуэлы, России и Аргентины. Кризис также ударяет по таким странам, как Бразилия, Корея и Южная Африка - странам, которые сделали значительный шаг и показывают длительный прогресс к макроэкономической стабильности. По этой причине реформа Международного валютного фонда стремительно занимает верхнюю строчку повестки дня для мировых лидеров, которые готовятся к встрече в Вашингтоне в середине ноября для обсуждения будущего мировой финансовой системы.

Совсем недавно казалось, что МВФ является чем-то бесполезным, так как не смог провести модернизацию ни евроцентричной политики, ни загадочных межправительственных услуг по кредитованию. Внезапно МВФ занял центральное положение как единственная организация, способная препятствовать ужасному снисходящему витку, охватившему акции и облигации развивающихся рынков.

Мировых лидеров должен радовать тот факт, что МВФ готов взять на себя инициативу в следующей фазе мирового финансового кризиса, даже если заем в размере 250 млрд долл. не является достаточным для приостановления текущей ситуации в развивающихся странах. В течение следующих двенадцати месяцев компании из развивающихся стран получат обязательств на сотни миллиардов, а это намного больше, чем могут покрыть государственные резервы, если кредитный рынок не нормализуется.

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