Paul Lachine

Chi dovrebbe salvaguardare la stabilità finanziaria?

NEW HAVEN – Le banche centrali di tutto il mondo non sono riuscite a prevedere l'insorgere dell'attuale crisi finanziaria nel 2007. Martin Čihák del Fondo monetario internazionale riferì a luglio del 2007 che, delle 47 banche centrali che avevano pubblicato i Financial Stability Report (FSR), “praticamente tutte” negli ultimi resoconti avevano dato una “valutazione complessivamente positiva dei propri sistemi finanziari nazionali”.

E ora queste banche centrali, sebbene non siano state d'aiuto prima della crisi, dovrebbero rivestire un ruolo chiave per evitare l'insorgere di un nuovo caos. Questa è la conclusione, forse contro ogni aspettativa, a cui è giunto lo Squam Lake Group [] – un think tank in materia di riforma finanziaria composto da 15 accademici, incluso il sottoscritto – nel report Fixing the Financial System, recentemente pubblicato.

I regulator di vigilanza macro-prudenziale (funzionari di governo che non si focalizzano sulla solidità delle singole istituzioni finanziarie, ma piuttosto sulla stabilità del sistema finanziario nel suo complesso) sono estremamente necessari, e i banchieri centrali sono i soggetti più adatti a rivestire tale ruolo. Altri regulator non hanno saputo fare meglio nel prevedere questa crisi, e sono ancora meno adatti ad evitare la prossima.

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