Il Fmi fa inversione di marcia

NEW YORK – L’annuale meeting di primavera del Fondo monetario internazionale è stato importante perché ha rimarcato l’impegno del Fondo nel prendere le distanze dai suoi storici principi relativi ai controlli di capitale e alla flessibilità del mercato del lavoro. Sembra che sotto la leadership di Dominique Strauss-Kahn stia gradualmente emergendo, seppur con cautela, un nuovo Fmi.

Poco più di 13 anni prima, durante il meeting del Fmi svoltosi ad Hong Kong nel 1997, il Fondo aveva tentato di emendare il proprio statuto per guadagnare maggiore libertà di azione e spingere i paesi verso una liberalizzazione dei mercati di capitale. Il tempismo non poteva essere peggiore: la crisi dell’Est asiatico era già nell’aria – una crisi che era per lo più il risultato della liberalizzazione dei mercati di capitale in una regione che, considerato il suo tasso di risparmio, non ne aveva bisogno.

Quella spinta era stata sostenuta dai mercati finanziari occidentali e dai ministri delle finanze occidentali a loro profondamente devoti. La deregolamentazione finanziaria negli Stati Uniti è stata la causa principale della crisi globale scoppiata nel 2008, e la liberalizzazione dei mercati finanziari e di capitale altrove ha certamente contribuito a diffondere in tutto il mondo quel trauma “made in the Usa”.

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