Krok MMF do budoucna

NEW YORK – Výroční setkání Mezinárodního měnového fondu letos na jaře bylo pozoruhodné tím, že dalo znát snahu Fondu distancovat se od svých vlastních dlouhotrvajících doktrín týkajících se kapitálové regulace a flexibility trhu práce. Vypadá to, že pod vedením Dominiqua Strausse-Kahna se postupně a obezřetně vyprofiloval nový MMF.

Je tomu o málo víc než 13 let, co se MMF na své hongkongské schůzce v roce 1997 pokusil upravit si chartu, aby získal víc prostoru k postrkování zemí k liberalizaci kapitálového trhu. Načasování nemohlo být horší: schylovalo se právě k východoasijské krizi, která z velké části plynula právě z liberalizace kapitálových trhů v regionu, jenž ji vzhledem ke své vysoké míře úspor nepotřeboval.

Liberalizační úsilí prosazovaly západní finanční trhy – a západní ministři financí, kteří jim tak oddaně slouží. Finanční deregulace ve Spojených státech byla prvořadou příčinou globální krize, která propukla v roce 2008, a jinde ve světě zase liberalizace finančnictví a kapitálových trhů přispěla k šíření traumatu „Made in USA“.

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