Una nuova Bretton Woods

BERKELEY – Siamo nel pieno delle conferenze monetarie internazionali. A marzo, i leader nazionali si sono riuniti a Nanjing, in Cina, per dibattere sui tassi di cambio e di interesse. All’inizio di aprile, preminenti teorici ed ex policymaker si sono dati appuntamento a Bretton Woods, nello New Hampshire, nella culla ideologica del Fondo monetario internazionale e del sistema monetario internazionale, che si fonde sul dollaro.

La conferenza di Bretton Woods svoltasi nel 1944 fu segnata da un contrasto tra gli Stati Uniti  e il Regno Unito, rappresentati rispettivamente dagli economisti Harry Dexter White e John Maynard Keynes. Il Regno Unito ambiva a un sistema in cui la liquidità globale fosse regolata da un’istituzione multilaterale, mentre gli Usa, spinti da interessi personali, prediligevano un sistema basato sul dollaro.

Considerato il suo immenso potere economico e finanziario, l’America ebbe, come previsto, la meglio. Keynes non riuscì a conferire al Fmi il potere di creare una nuova unità di riserva internazionale in alternativa al dollaro, né tanto meno ad ottenere un accordo sulle misure in grado di spingere i paesi in surplus e in deficit – nonché l’emittente di moneta internazionale e i suoi utilizzatori – a mettersi in regola.

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