El FMI vuelve a fallar

Han pasado seis años desde la fatídica reunión del FMI en Hong Kong, justo antes de la crisis financiera global. Yo estuve ahí. Qué reunión tan peculiar fue aquélla. Para quienes estaban poniendo atención, resultaba claro que se acercaba una crisis. La culpa fue de la liberalización del mercado de capitales, que expuso a los países a los caprichos de los flujos internacionales de capital, a tanto un pesimismo como un optimismo irracionales, para no hablar de la manipulación de los especuladores.

Sin embargo, el FMI seguía presionando para cambiar sus estatutos a fin de obligar a los países a liberalizar sus mercados de capital, ignorando las evidencias de que ello no llevaba a una mejoría en el crecimiento o la inversión, sino a una mayor inestabilidad. Las crisis que estallaron ese año socavaron la confianza en el FMI y condujeron a discusiones para "reformar la arquitectura financiera global".

Seis años después, podemos afirmar que esas discusiones no produjeron muchos cambios reales. Algunos sugieren que eso era obvio, desde la utilización del extravagente término "reformar la arquitectura financiera global". La Tesorería de los EU y el FMI sabían, o al menos esperaban, que al pasar las crisis, la atención mundial se centraría en otras cosas. Aunque se equivocaron sobre lo que había que hacer durante la crisis, en este último punto tuvieron razón.

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