Pedro Molina

La difícil búsqueda de normas financieras mundiales

BRUSELAS – Si, como se dice, la crisis financiera es mundial, la solución debe ser mundial: un sistema financiero internacional que funcione mejor. Y, como las instituciones de Bretton Woods –el Banco Mundial y el Fondo Monetario Internacional– constituyen el centro del sistema financiero internacional, se debe incluirlas en la solución.

Un sistema financiero internacional perfeccionado debe aplicar dos líneas principales de acción. La primera consiste en ampliar el alcance de la cooperación internacional. En este momento, el Consejo de Estabilidad Financiera, entre cuyos miembros figuran los países del G-20, lanza principalmente iniciativas a ese respecto.

Otra línea de acción es la de fortalecer los poderes blandos de las instituciones internacionales con miras a formular políticas económicas más coherentes, en particular mediante la consecución de economías sistémicamente importantes. Para ello, sería necesaria la participación directa de las instituciones de Bretton Woods, en particular el FMI. Después de la crisis asiática del decenio de 1990, se acordó un fortalecimiento del FMI y la cumbre del G-7 celebrada en Colonia en 1999 encomendó al Fondo que desempeñara un papel de intensa vigilancia para lograr una mayor transparencia y fomentar un ajuste temprano por parte de los países que tengan una situación insostenible en materia de balanza de pagos.

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