Paul Lachine

Warum die Großbanken ins Visier nehmen?

LONDON: Zunächst schien es, als wäre in der Gluthitze der Finanzkrise ein neues Modell zur globalen Governance geschmiedet worden. Doch nun, da die Asche abkühlt, zeichnen sich beiderseits des Atlantiks unterschiedliche Sichtweisen zur Bankenregulierung ab.

In Europa liegt die Betonung auf der Regulierung der Finanzmärkte, mit dem Ziel, künftige Krisen abzumildern. Kreditfehler, so die Argumentation, passieren während des Booms, nicht während des Crashs. Eine bessere Regulierung und Geldpolitik während der Boomjahre könnte daher das Ausmaß eines Crashs begrenzen.

Im Gegensatz dazu legt man den USA den Schwerpunkt darauf, marktfreundliche Methoden zu finden, um die Abstrahleffekte eines Bankversagens zu begrenzen. Bei den politischen Debatten in den USA geht es in erster Linie darum, zu gewährleisten, dass Banken niemals zu groß sind, um sie scheitern zu lassen, dass Privatinvestoren und nicht der Steuerzahler „bedingtes Kapital“ halten, das bei einem Crash in Eigenkapital umgewandelt werden kann, und dass die Funktionsfähigkeit außerbörslicher Märkte durch die verstärkte Zentralisierung von Handel, Abrechnung und Abwicklung verbessert wird.

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