El FMI como ancla financiera global

El desorden del mercado financiero de hoy ha revelado debilidades en el sistema financiero global actual, muchas de las cuales eran conocidas pero no se les prestó atención. Esta falta de acción refleja la complejidad y los vínculos crecientes del sistema financiero global y la ausencia de un ancla efectiva para la estabilidad financiera. Recuperar la confianza en el mercado financiero ha exigido inyecciones de liquidez por parte de los bancos centrales más importantes. Si bien esto parece haber tenido éxito, queda la pregunta de si el desorden se pudo haber evitado y si su impacto se pudo haber mitigado.

El FMI puede desempeñar un papel importante en este sentido, debido a su perspectiva verdaderamente global, que abarca tanto a las economías avanzadas como a las emergentes y en desarrollo, que cada vez se integran más al sistema financiero global. Además, el FMI no se centra en los mercados financieros per se , sino que tiene conocimientos únicos sobre los vínculos entre la economía real y la financiera. Por último, la perspectiva del FMI es universal y ve a través de los sectores y los mercados.

Hasta ahora, el Fondo no ha explotado plenamente su posición única, porque a menudo su actitud ha sido pasiva al establecer contactos, enviar mensajes claros y hacer recomendaciones a sus miembros. Pero el desorden actual del mercado financiero ha mostrado que hay brechas de reglamentación y supervisión y vínculos internacionales que no se comprenden bien y que requieren una respuesta global.

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