El FMI más allá de la crisis

WASHINGTON, D.C. – Cuando los líderes mundiales se reúnan en Pittsburg con motivo de la cumbre del G-20, evaluarán el impacto de las medidas de estímulo que hasta la fecha se han tomado y analizarán la forma de coordinarse para abandonarlas ordenadamente. Tendrán que reforzar las directrices internacionales en lo relativo a los requerimientos de capital de los grandes bancos multinacionales y tratar los incentivos financieros negativos que condujeron a tomar riesgos irresponsables en el sector financiero. Sin embargo, la huella más duradera que podrían dejar es la de dar al FMI un mandato más amplio cuando haya acabado la crisis.

La importancia del FMI aumentó considerablemente durante la crisis. Contribuyó exitosamente a coordinar el estímulo monetario y fiscal que ayudó a evitar una crisis cíclica. Sus recursos se triplicaron, lo que le permitió acudir al rescate de países tan diversos como Islandia, Pakistán y Ucrania, que quedaron aislados de los mercados internacionales de capital. Además, el Fondo ha otorgado cuantiosos préstamos a países de bajos ingresos a tasas de interés nunca antes vistas del cero por ciento.

El G-20 ha mostrado su liderazgo al proporcionar el respaldo financiero y político para realizar estos cambios, y el FMI ha respondido con prontitud. Hay, sin embargo, un riesgo genuino de que el impulso político se disipe a medida que se vaya recuperando lentamente la economía mundial.

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