Interventi problematici

PRINCETON – Per la commemorazione del secondo anniversario dal collasso della Lehman Brothers, avvenuto il 15 settembre del 2008, non poteva esserci azione più significativa dell’intervento valutario unilaterale  messo in atto dal Giappone per deprezzare lo yen. Questa mossa segna un cambiamento nella natura della crisi finanziaria globale, perché allontana le preoccupazioni per la difficile situazione delle banche e si focalizza sul problematico sistema dei tassi di cambio del mondo – o, piuttosto, sull’attuale mancanza di un meccanismo di questo tipo.

L’intervento giapponese è stato da subito controverso. I politici americani hanno denunciato tale azione come predatoria; gli europei l’hanno visto come un passo sulla strada delle svalutazioni competitive. E la banca centrale della Svizzera ha recentemente fatto un inutile tentativo per frenare l’incremento del franco svizzero nei confronti dell’euro – un tentativo che è costato solo ingenti perdite nel bilancio bancario.

Il nuovo attivismo del Giappone è stato ampiamente imitato. La Corea del Sud prima, e il Brasile poi, hanno avviato azioni simili per pilotare al ribasso la propria valuta.

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