国際通貨基金は、銀行の危険な行為·商売·商品を禁止に
El FMI plantea vetar las actividades de más riesgo a los bancos
El Fondo admite que el sistema financiero no está sano pese a las reformas
Propone vigilar de cerca la banca en la sombra y los bancos demasiado grandes para caer
Miguel Jiménez / Sandro Pozzi Madrid 25 SEP 2012 - 10:57 CET
The IMF raises veto riskier activities to banks
The Fund acknowledges that the financial system is healthy despite reforms
Intends to monitor closely the shadow banking and banks too big to fail
Miguel Jimenez / Sandro Pozzi Madrid 25 SEP 2012 - 10:57 CET
It has been more than five years since the outbreak of the global financial crisis, with its spread to the real economy, leading to the Great Recession, the worst crisis since the Great Depression of the last century. In reaction to the origin of the crisis, have launched an avalanche of regulatory reforms to try to make the financial system safer, but the International Monetary Fund recognizes a report released today that the goal has not been achieved. So, to take more aggressive poses and even open a debate on the possibility to veto certain activities banks, those considered most at risk.
Analysis, a preview of the Financial Stability Report that will be presented next month at the IMF meeting, said that the reforms that are being passed are oriented in the right direction "to make markets and institutions more transparent, less complex and less leveraged. " But it is also argued that in some respects the reforms should improve, that much more work is needed to implement them and that in many cases the system remains vulnerable and overly complex, and activities are too concentrated in large institutions.
"We do not see even the impact of the reforms, their implementation is far behind and the crisis is ongoing," said Laura Kodres, responsible for global stability analysis in the Department of Monetary and Capital Markets IMF. As has emphasized, "can not say that the system more secure."
In addition, banks are finding ways to escape the new regulation before it is even completed. On one hand, innovative products are being developed to overcome some of the new rules. Furthermore, the new banking regulations may "encourage the movement of certain activities to the nonbank financial sector, which is not reached by these standards," the IMF said.
Among the risks that persist, the IMF notes that "reliance on wholesale funding (deposits unrelated) is very high, the links between domestic financial institutions are strong and complex financial products are taking on new forms."
The agency concludes that there is much to do and put on the table "the need for a global discussion about the pros and cons of imposing direct restrictions on certain activities of banks, rather than requiring them only to maintain a higher level of capital for these activities "in an apparent reference to the activities of more risk as transactions with derivatives or taking speculative positions on their own.
The Fund claims closer eye on nonbank financial institutions that pose systemic risks within what is known as "shadow banking".
Another area where progress is encouraging the use of financial products simpler and simpler organizational structures. Structured products and derivatives have been among those who have amplified the financial crisis and have caused major losses to the entities and their customers.
The Fund sees risk of large banking groups with advantages of scale might be better able to absorb the costs of the new regulations and, as a result, may gain further prominence in certain markets, increasing their concentration, thereby increasing the problem of institutions "too big to fail". Therefore, the agency also claims "major advances in mechanisms to resolve the situation of large institutions that engage in financial difficulties, as a cross-border resolution process." The Fund raises even limit permitted business models. The idea is that there are no banks too big to be liquidated or, put another way that force taxpayers should bear the cost of the rescue, as has happened during the current crisis.
Need more security, more growth?
In another analysis also released today by the Fund, discussed how far a safer financial system contributes to increased economic growth. According to this analysis, "any financial structure is the optimal alternative to address all possible circumstances. What is good for China may not be for Germany, and what works in Japan may not work in the United States."
Overall, the economy does better if you have well-managed banks, regulated and supervised, they have strong financial reserves. However, beyond a certain point, maintaining a large pool of capital can begin to slow growth. "A system that is too safe can limit the amount of funds available for lending," according Kodres. "Not too hot, not too cold in the right spot," is what the IMF recommended.
Another finding of the study is that cross-border connections through foreign banks are beneficial in most cases, but during a crisis may create instability. The fact that there are financial connections between banks in different countries may mean that what begins as a problem in the United States is rapidly transmitted to the world. Instead of being a way to share the risk, such connections become a channel of contagion.
Jan Brockmeijer, second in the capital markets department of the IMF said that "the challenge is great, especially in this period of transition." Although long since been initiated adjustments, the member of the Fund said that "the agenda is still far from being completed and implemented. We are at the beginning of the trip and going in the right direction. Perseverance But more is needed to reach the end. "
The department assistant capital market, Laura Kodres, has stressed that "the structure has not changed much compared to what it was before the crisis, the same problems persist. No one can say that the system more secure." Reform must recalibrate risk activities. He also noted that at this time you have to "think about the side effects of the action" of a country, because there are "some who go faster on reform than others." He also insists that the crisis was global and that solutions must be global: "Globalization should serve to share risks."
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