Paul Lachine

Perché puntare il dito contro le grandi banche?

LONDRA – Sembrava che un nuovo modello di governance globale fosse stato forgiato dal fuoco della crisi finanziaria. Ora, però, dalle ceneri raffreddate affiorano prospettive diverse sulla regolamentazione delle banche, da entrambi i versanti dell’Atlantico.

L’Europa si è concentrata sulla regolamentazione dei mercati finanziari con l’intento di fronteggiare le crisi future. Gli errori in termini di credito vengono fatti durante il boom, e non durante la successiva fase di contrazione, così si dice. Di conseguenza, una migliore politica monetaria e di regolamentazione durante gli anni di massima espansione potrebbe limitare la portata di qualsiasi tracollo futuro.

Per contro, gli Stati Uniti si sono dedicati alla scoperta di sistemi, in linea con il mercato, finalizzati a contenere le ripercussioni dei fallimenti bancari. Negli Usa i dibattiti politici sono per lo più orientati a garantire che le banche non siano più “too big to fail” (troppo grandi per essere lasciate fallire); che gli investitori privati, anziché i contribuenti, detengano “capitale contingente” (che in caso di crack può essere convertito in titoli azionari); e infine che i mercati “over-the-counter” funzionino meglio se affidati maggiormente a sistemi centralizzati di trading, clearing e settlement.

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