Najprej smo imeli globalno finančno ogrevanje, zdaj smo v obdobju globalnega ohlajanja realnega sektorja, že konec prihodnjega leta pa se, napoveduje Dominique Strauss-Kahn, direktor Mednarodnega denarnega sklada (IMF), lahko nadejamo njegovemu postopnemu ogrevanju. Svet da je na robu recesije, a tej se je mogoče še izogniti, če bo ukrepanje v sedanjih okoliščinah hitro, odločno in usklajeno, kajti nobena posamezna država da takšne krize ne more rešiti sama.

Kaj je treba?

• All kinds of policy cooperation are to be commended. Unilateral actions should be avoided.
• The crisis is serious and protracted, but a slow recovery should begin in the second half of 2009.
• Following the activation of its emergency lending procedures, the IMF is ready to answer any request for support from countries facing problems.
• While the IMF welcomed fiscal and monetary action to calm the turmoil, macroeconomic policies had to be combined with action on the financial front.
• Policymakers should not forget “the other crisis”—the effects of the surge in food and fuel prices. Advanced countries should not respond to the financial crisis by cutting aid to the poorest and most vulnerable countries.
• Authorities need to draw lessons from the crisis for financial regulation and supervision, including issues such as fair value accounting, changing rating agency behavior, closing loopholes in regulations, and filling gaps in information. “We need to come up with practical advice on how governments and central banks can use macroeconomic policies to puncture asset bubbles in good times.”
• The global financial architecture needs to be revamped to meet the need of 21^st century globalized markets.

In še.

“Legitimacy means that all countries have to be involved in the solution, because they are all involved in the problems. Effectiveness means we have to use the experience that has been accumulated in the international financial institutions, and that they follow up,” Strauss-Kahn said.

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