Matt Wuerker

Eine Argumentation gegen die internationale Finanzkoordination

CAMBRIDGE – Als US-Präsident Obama Ende Januar seine Absicht verlauten ließ, strenge neue Regeln für Banken anzulegen, hatte er nicht damit gerechnet, Beifall aus der Wall Street zu bekommen. Wir werden Banken in der Zukunft daran hindern, Eigenhandel zu betreiben und zu groß zu werden, erklärte er. Den internen Kampf innerhalb der Obama-Administration hat anscheinend Paul Volcker gewonnen, der beeindruckende und freimütige ehemalige US-Notenbankchef, der seit langem ein Kritiker der Finanzinnovation ist.

Es überrascht nicht, dass Goldman Sachs und andere Firmen der Wall Street die Volcker-Regeln mit Argwohn betrachten. Wie auch die Republikaner im Kongress, zusammen mit einigen Demokraten, die der Meinung sind, das Programm käme zu spät und könne anderen Reformen, die bereits eingeleitet sind, entgegenwirken, so verwässert diese Initiativen auch sein mögen. Derartige Opposition seitens der Demokraten schwächt die Aussicht, dass Obamas Vorschläge jemals Gesetz werden.

Aber es war die internationale Reaktion, die am wenigsten erwartbar war. Obamas Ankündigung wurde von den Europäern entschieden negativ aufgenommen, für sie ist sie eine einseitige Initiative, die die internationale Koordination der Finanzregulierung untergraben könnte. Die Ankündigung kam ohne vorherige internationale Konsultation und sie scheint auch frühere Vereinbarungen zu verletzen, mit anderen Nationen über die G-20, das Forum für Finanzstabilität und den Baseler Ausschuss für Bankenaufsicht zusammenzuarbeiten.

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