Paul Lachine

El camino sinuoso de la reforma financiera

BRUSELAS – Hace dos años, los gobiernos rescataron de la quiebra a los mercados financieros mundiales. Con todo, ahora esos mismos mercados intimidan a los gobiernos, o al menos a algunos de ellos.

En Europa, el mercado de deuda griega se ha congelado y los diferenciales de las tasas de interés entre la deuda irlandesa y la alemana denominada en euros han alcanzado niveles alarmantes recientemente. España ha logrado reducir sus propios diferenciales frente a Alemania, pero solo después de un cambio de sentido de política. Portugal ha anunciado un paquete de austeridad importante esperando obtener el mismo efecto. Sin embargo, aún cuando no corren el riesgo de perder acceso al mercado de bonos, la mayoría de los gobiernos en el mundo desarrollado actualmente esperan ansiosamente los pronunciamientos de las mismas agencias de calificación que hace poco estaban vilipendiando.

Este cambio de suerte es alarmante. Para la opinión pública parece como si los arrogantes profesionales de los mercados financieros no hubieran aprendido nada de la crisis, dando la impresión de que nada ha cambiado, excepto para lo peor. Parece que los gobiernos que tienen el mandato de domesticar a los mercados financieros produjeron más ruido y furia pero nada de reformas. Deliberadamente o no, las autoridades de regulación parecen haber perdido su oportunidad de poner en aplicación serios cambios en las reglas de las finanzas globales, y ahora los gobiernos están tan débiles que están a merced de aquéllos que hace no mucho les imploraban ayuda.

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