IWF – Reformieren oder Abwickeln

LONDON: Ein neues Mangement signalisiert normalerweise ein neues Beginnen. Der Internationale Währungsfonds indes braucht keinen Neuanfang, sondern genau das Gegenteil. Der Nachfolger von IWF-Generaldirektor Michel Camdessus sollte den Auftrag erhalten, die Institution in ihren Aufgaben entweder drastisch zu beschneiden oder gleich ganz abzuwickeln.

Der IWF wurde 1944 gegründet, um das damalige System fester Wechselkurse abzusichern, das auf dem US-Dollar als Leitwährung und einer fixen Gold-Dollar-Parität beruhte. Abwertungswettläufe – die Plage der Zwischenkriegszeit – sollten damit der Vergangenheit angehören. Länder mit vorübergehenden Zahlungsbilanzproblemen konnten sich mit der Bitte um finanzielle Hilfe an den IWF wenden und brauchten nicht abzuwerten, um ihre Importrechnung zu begleichen. Bei wieder erstarkter Konjunktur würden sie den IWF-Kredit zurückgezahlen.

Damals herrschte großer Mangel an privaten Kreditgebern. Die internationalen Kapitalmärkte waren noch wenig entwickelt, unterlagen drastischen Devisenkontrollen und zahllosen Regulierungsbestimmungen und litten unter der fehlenden Konvertibilität selbst der wichtigsten Währungen. Der weit überwiegende Teil der Kapitalströme wurde zwischen staatlichen Institutionen abgewickelt. Wie die IWF-Gründer richtig erkannten, war ein zwischenstaatliches Kreditsystem nach Art des IWF daher unerläßlich.

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