МВФ по ту сторону кризиса

ВАШИНГТОН, ОКРУГ КОЛУМБИЯ. Когда мировые лидеры соберутся в Питсбурге на саммит G-20, они сделают переучет воздействия стимулирующих мер, принятых до сих пор, а также обсудят, как скоординировать и выйти надлежащим образом из этих мер. Им понадобится укрепить международные директивы для потребностей в капитале для больших многонациональных банков, а также выработать меры борьбы с развращенными материальными стимулами, которые привели к безответственному принятию рисков в финансовом секторе. Однако самый большой отпечаток, который они могли бы оставить, заключается в расширении мандата Международного валютного фонда после окончания кризиса.

Значимость МВФ сильно выросла за время кризиса. Он успешно действовал для поддержания согласованных бюджетных и монетарных стимулов, которые помогли предотвратить циклический крах. Его ресурсы утроились, что помогло ему прийти на помощь таким разным странам, как Исландия, Пакистан и Украина, которые были отрезаны от международных рынков капитала. Также фонд помог странам с низким уровнем дохода большими займами с беспрецедентными нулевыми процентными ставками.

G-20 показала лидерство в предоставлении политической и финансовой поддержки этим изменениям, и МВФ ответил быстро. Тем не менее, есть настоящий риск того, что политический импульс рассеется по мере медленного восстановления мировой экономики.

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