Me refiero a la 34ª reunión del Comité financiero y monetario dentro de la Cumbre anual del FMI de la semana pasada.

The global economic recovery continues slowly and unevenly, and growth is expected to pick up only slightly next year, mostly on account of emerging market economies. Economic performance and resilience have improved in some economies and near-term risks in financial markets have largely abated. Still, the outlook remains subdued against the backdrop of modest global demand growth and remaining output gaps; a slowdown in global trade, investment, and productivity; and rising geopolitical uncertainty and medium-term financial risks. The persistently low growth has exposed underlying structural weaknesses, and risks further dampening potential growth and prospects for inclusiveness. Lower productivity growth and remaining crisis legacies in advanced economies, challenges from ongoing adjustments and vulnerabilities in some large emerging market economies, and the effects of lower commodity prices on exporting countries continue to weigh down the outlook. Overall, uncertainty and downside risks are elevated, while longstanding headwinds persist.

Ya lo saben: slack económico, debilidad del comercio mundial, bajo stock de capital y reducida productividad marginal.

¿Cómo superar este difícil escenario? Combinación de políticas, fiscales, monetarias y estructurales. Y hacerlo de forma coordinada a nivel internacional.

Sí, también demandan decisiones para dotar de mayor solidez al sector financiero. En definitiva:

1. Facilitar en los países desarrollados los ajustes legales para reducir su apalancamiento
2. Reducir sus vulnerabilidades en los países emergentes
3. Vigilar los riesgos para la estabilidad del Sector
a. Riesgos asociados con una política monetaria expansiva durante demasiado tiempo
b. Riesgos relacionados con la liquidez de los mercados
c. Riesgos relacionados con la intermediación de no bancos
4. Es fundamental finalizar con la agenda regulatoria

Y todo ello bajo una extensa colaboración internacional…

Stronger global cooperation. Concerted effort at the international level is key to boost global trade; sustain progress on global rebalancing; manage spillovers from economic and non-economic shocks; ensure a fair, efficient, and transparent international tax environment; tackle the sources and channels of terrorist financing, corruption, and illicit financial flows; and address the decline in correspondent banking relationships. Comprehensive, coordinated, and time-consistent policy actions that exploit synergies would amplify positive cross-border spillover effects of individual policy actions. We will continue strengthening the international financial architecture, including the global financial safety net.

Por último, mucha preocupación desde una perspectiva política. Comenzando por el Brexit.