L’FMI ed il coordinamento globale

NEW YORK – Prima della crisi del 2008, il Fondo Monetario Internazionale si trovava in una posizione di declino. Da un lato la riduzione della richiesta di prestiti aveva comportato una scarsità di profitto, dall’altro il Fondo continuava a soffrire dell’atteggiamento sospettoso dell’Asia anche a distanza di dieci anni dalla crisi monetaria di fine anni ’90. Inoltre, sebbene la sua capacità analitica fosse rimasta ad un alto livello, il suo ridimensionamento lo aveva comunque messo a rischio.

La crisi ha però cambiato questo scenario. Il ruolo chiave dell’FMI nella gestione della situazione di instabilità creata dalla crisi è risultato evidente. Inoltre, grazie alla competenza insita e ad ampio raggio del Fondo sulle multinazionali, le sue attività risultano essenziali per il raggiungimento di soluzioni ai problemi finanziari ed economici attraverso una collaborazione globale. Senza queste soluzioni, il sistema tenderebbe a diventare periodicamente instabile, prendendo vie insostenibili che porterebbero al crollo. Abbiamo appena vissuto un’esperienza simile.

Il ruolo dell’FMI è necessario per il raggiungimento di una serie di obiettivi chiave tra cui dare una risposta alla crisi. In un contesto di turbolenza finanziaria globale, come quello recente, i flussi di capitale tendono a spostarsi improvvisamente, ed in modo drastico, causando problemi di credito, di finanziamenti, e di bilancio, e portando a tassi di cambio volatili. Se trascurati, questi problemi potrebbero causare un danno diffuso a gran parte dei paesi, alcuni dei quali sono solo innocenti spettatori.

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