Das hilfreiche Schweigen der G20 zum Thema Kapitalkontrollen

NEW YORK: Als der französische Präsident Nicolas Sarkozy als Gastgeber des diesjährigen G20-Gipfels, der am 3. und 4. November in Cannes stattfinden wird, die Zügel übernahm, forderte er den Internationalen Währungsfonds auf, einen erzwingbaren „Verhaltenskodex“ für den Einsatz von Kapitalkontrollen (oder, wie wir lieber sagen, Kapitalbilanzregeln) in der Weltwirtschaft zu entwickeln. Der IWF kam dem nach und veröffentliche im vergangenen April eine Reihe vorläufiger Leitlinien.

Auf der Tagesordnung der G20, die auf eine Stärkung der Finanzregulierung abzielt, fehlt die Regulierung grenzüberschreitender Kapitalflüsse seltsamerweise. Dabei sie sind ein zentrales Element bei der finanziellen Volatilität, die die Rufe nach stärkerer Regulierung überhaupt erst hat aufkommen lassen. Der IWF hat nachgewiesen, dass jene Länder, die Kapitalbilanzregeln einsetzten, zu den während der schlimmsten Phase der globalen Finanzkrise am wenigsten stark betroffenen Ländern gehörten. Seit 2009 akzeptiert er, dass derartige Regeln nützlich sind, um den massiven Zufluss von „heißem Geld“ in die Schwellenmärkte unter Kontrolle zu halten, und empfiehlt sie sogar.

Trotzdem ist der vom IWF vorgeschlagene Kodex, auch wenn er ein Schritt in die richtige Richtung ist, fehlgeleitet. Eine Billigung der Leitlinien des Fonds durch die G20 wäre daher für eine Weltwirtschaft, die gerade versucht, sich von einer Finanzkrise zu erholen und zugleich die nächste zu verhindern, unklug.

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