Paul Lachine

Křivolaká cesta finanční reformy

BRUSEL – Před dvěma lety zachránily vlády světovým finančním trhům krky. Přesto dnes tytéž trhy zastrašují vlády, nebo přinejmenším některé z nich.

V Evropě trh řeckých dluhů zamrzl a rozpětí úrokových sazeb mezi irským a německým dluhem denominovaným v eurech dosáhl nedávno alarmující úrovně. Španělsku se rozpětí oproti Německu podařilo snížit, ale pouze po dokonalém obratu politiky. Portugalsko ohlásilo velký balík úsporných opatření a doufá ve stejný výsledek. I když jim však nehrozí ztráta přístupu na trh dluhopisů, většina vlád zemí rozvinutého světa dnes dychtivě čeká na výroky týchž ratingových agentur, které ještě nedávno shazovala.

Tento zvrat osudu je šokující. Z pohledu veřejného mínění to vypadá, jako by si arogantní profesionálové finančních trhů nevzali z krize žádné ponaučení, což přiživuje dojem, že se nic nezměnilo – a pokud, tak k horšímu. Vlády, které mají mandát domestikovat finanční trhy, jako by vyprodukovaly spoustu halasu a hněvu, ale jen málo reforem. Regulační orgány – ať už záměrně, či nikoliv – promeškaly příležitost vnést výrazné změny do pravidel globálních financí a vlády jsou dnes tak oslabené, že jsou vydány na milost těm, kdo je ještě nedávno prosili o pomoc.

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