Goldman Sachs Steven Mnuchin sworn in Alex Wong/Getty Images

Das nächste Feuer im Finanzsystem

WASHINGTON, DC – Anfang 2007 begann die schlimmste Finanzkrise in 80 Jahren ihren Lauf zu nehmen und erreichte 18 Monate später mit dem Zusammenbruch von Lehman Brothers und den weltweit spürbaren Schockwellen ihren Höhepunkt. Verzweifelte staatliche Maßnahmen ersparten uns eine Große Depression II und offizielle staatliche Vertreter gelobten, wir würden „nie wieder“ mit derartigen Risiken konfrontiert sein. Politiker und Zentralbanker nahmen einen umfangreichen Prozess nationaler Reformen und internationaler Koordination in Angriff, wobei sämtliche Bestrebungen darauf abzielten, das Risiko eines Zusammenbruchs sehr großer Banken zu senken. 

Einerseits präsentiert sich das globale Finanzsystem ein Jahrzehnt später sicherer. Andererseits hat sich an der Struktur nicht viel geändert – sie wurde womöglich noch anfälliger. Doch anstatt den Reformprozess zu vollenden, scheinen die politischen Entscheidungsträger auf beiden Seiten des Atlantiks entschlossen, die meisten Maßnahmen, die dem bisher erreichten Erfolg zugrunde liegen, rückgängig machen zu wollen.

Drei wichtige Errungenschaften wurden im letzten Jahrzehnt erreicht. Zunächst sind einige Finanzunternehmen zusammengebrochen und das aus gutem Grund: entweder ihr Geschäftsmodell war schlecht oder sie waren schlecht geführt oder beides. Gleichzeitig bauten stärkere Finanzunternehmen ihre Marktanteile aus.

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