Paul Lachine

Извилистый путь финансовой реформы

БРЮССЕЛЬ. Два года назад правительства уберегли от перелома шеи финансовых рынков мира. Однако сегодня те же рынки запугивают правительства или, по крайней мере, некоторых из них.

В Европе рынок для греческого долга заморожен, и маржа по процентным ставкам между ирландским и немецким долгом, деноминированным в евро, недавно достигла тревожного уровня. Испании удалось сократить свою маржу относительно Германии, но только после того, как политика была решительно изменена. Португалия объявила о масштабных строгих мерах, надеясь достигнуть того же эффекта. Но даже если им не угрожает потеря доступа к рынку облигаций, большинство правительств в развитых странах мира в настоящее время с тревогой ждут заявлений тех же рейтинговых агентств, которые они недавно чернили.

Этот поворот судьбы шокирует. По мнению общества, это выглядит, как будто высокомерные профессионалы финансового рынка не извлекли никаких уроков из кризиса, создавая впечатление, что ничего не изменилось – только к худшему. Правительства с мандатом приручить финансовые рынки, по всей видимости, создали много шума и ярости, но мало реформ. Намеренно или нет, регуляторы, похоже, упустили свой шанс, чтобы ввести серьезные изменения в правила глобальных финансов, и сейчас правительства настолько ослаблены, что они находятся в полной зависимости от тех, кто не так давно молил их о помощи.

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