Paul Lachine

Il percorso a ostacoli della riforma finanziaria

BRUXELLES – Appena due anni fa, i governi di tutto il mondo si lanciavano al soccorso dei mercati finanziari globali. Oggi, quegli stessi mercati incombono come una minaccia sui governi, o almeno su alcuni.

In Europa il mercato del debito greco si è congelato e lo spread tra i tassi d'interesse irlandesi e quelli tedeschi, entrambi denominati in euro, ha recentemente raggiunto livelli allarmanti. La Spagna è riuscita a ridurre il suo spread nei confronti della Germania solo dopo un ribaltamento completo delle sue politiche e, sperando di ottenere lo stesso effetto, il Portogallo ha annunciato un importante piano d'austerità fiscale. Ad ogni modo, anche quando non sono a rischio di essere esclusi dai mercati finanziari internazionali, gran parte dei governi del mondo sviluppato pende dalle labbra delle stesse agenzie di rating che fino a ieri venivano coperte di ridicolo.

Questo ribaltamento delle sorti è scioccante. L'opinione pubblica sembra più che mai convinta che gli arroganti professionisti dei mercati finanziari non abbiano imparato niente dalla crisi e che non ci siano stati particolari cambiamenti, se non in peggio. I governi, chiamati dai loro elettori a domare i mercati finanziari, danno l'idea di aver prodotto tanto fumo e poco arrosto. Più o meno intenzionalmente, i regolatori sembrano aver mancato la loro occasione di apportare seri cambiamenti alle regole della finanza globale e i governi sono ora così fragili da essere alla mercé degli stessi attori che, fino a non molto tempo fa, imploravano aiuto.

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