La crisi finanziaria: origini, caratteristiche, rimedi e prospettive
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The current crisis, although having different origins and being unique in its intenseness, vastness
and dissemination, could be attributed to an extreme high level of indebtedness of the western
world: which, by the way, has helped to sustain import and industrial development of the emerging
economies. The tendency to borrow has been seconded by monetary authorities through a high degree
of tolerance towards ever reduced indebtedness premiums, additionally made easier by limited interest
rates and liquidity facilitation policies. Banks took the lead in lending, bypassing the normally accepted
capital ratios limits and trying to effectively transfer the intrinsic and too often underestimated
risk to credit securitization. The bursting of the real estate bubble in USA has disrupted the loans
system, with its guarantee of continuity and growth of the credit galore, up to then supported by fast
growing housing prices, eventually leading to an extensive number of insolvencies and the well
known bankruptcies sequence. The way this crisis evolved highlighted the features of market failure,
regulatory failure and supervisory failure. The need has become increasingly evident for a profound
change of the financially based economy, fuelled by debt. Governments have already had to intervene
in order to bail out credit, financial and insurance institutions, to find new rules for the global financial
markets and conduct a coordinated action at the international level. The State has come back as a
dominant source in supplying capitals and setting the rules. The implementation of systems able to
avoid excessive spreading between finance and real economy has become vital. The need to finance
huge and ever growing debts, the general difficulties in economic sectors devastated by drastic reduction
and shut down of production and the impressive losses of manpower require to do so. The new
set of rules must however continue to secure survival and growth of the economic systems which,
nonetheless, could be better implemented through a fair and solidaristic reallocation of resources.
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