Paul Lachine

Der gekrümmte Weg der Finanzreform

BRÜSSEL – Vor zwei Jahren haben die Regierungen die weltweiten Finanzmärkte gerettet. Dennoch schüchtern heute dieselben Märkte die Regierungen ein, oder zumindest einige von ihnen.

In Europa ist der Markt für griechische Schulden eingefroren, und die Zinsspreads zwischen irischen und deutschen Euro-Schulden erreichten vor kurzem alarmierende Höhen. Spanien ist es gelungen, seinen eigenen Spread gegenüber Deutschland zu verringern, allerdings erst nach einer politischen Kehrtwende. Portugal hat ein großes Sparpaket angekündigt, in der Hoffnung auf denselben Effekt. Doch selbst wenn sie keine Gefahr laufen, den Zugang zu den Anleihenmärkten zu verlieren, warten die meisten Regierungen in den Industrieländern heutzutage bange auf die Äußerungen derselben Rating-Agenturen, die sie vor kurzem noch verteufelten.

Dieser Schicksalswandel ist schockierend. Für die Öffentlichkeit sieht es so aus, als ob arrogante Finanzmarktprofis nichts aus der Krise gelernt hätten, was den Eindruck nährt, es habe sich nichts geändert – höchstens zum Schlimmeren. Regierungen mit dem Mandat, die Finanzmärkte zu zähmen, scheinen viel Schall und Rauch produziert zu haben, aber kaum Reformen. Ob bewusst oder nicht, scheinen die Regulierer ihre Chance verpasst zu haben, ernsthafte Änderungen an den Regeln des globalen Finanzwesens vorzunehmen, und die Regierungen sind nun derart geschwächt, dass sie denen ausgeliefert sind, die vor nicht allzu langer Zeit sie um Hilfe anflehten.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/bWgx1c1/de;
  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable


    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.