Un riesgo enorme

NUEVA YORK – Es hora de que el G-20 tome en serio su mandato de acordar medidas para estabilizar la economía global y encauzarla hacia un patrón de crecimiento  más sostenible. En cambio, el G-20 se está comportando como una sociedad de debate en la que el enfoque de cooperación que impulsó a principios de la crisis se ha convertido en una serie de acciones a menudo imprudentes y unilaterales de parte de sus miembros.

Con todo, hay varios riesgos significativos para la estabilidad y prosperidad de la economía global que se tienen que abordar urgentemente. Irlanda ha conducido a Europa a su segunda crisis de deuda soberana de este año. La esquizofrenia se ha apoderado de los mercados de capital, y los flujos de inversión van y vienen a través del Atlántico en respuesta al riesgo de contagio en Europa y a la facilitación cuantitativa en los Estados Unidos.

Mientras tanto, los capitales están inundando los mercados emergentes que tienen tasas de interés más altas causando presiones inflacionarias, elevando los precios de las acciones y sometiendo a las divisas a una apreciación que puede poner en riesgo la competitividad –en resumen, distorsiones y problemas de política que requieren respuestas defensivas no convencionales.

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