Não é apenas coincidência...

Estava a ler este interessante discurso de Janet Yellen da Reserva Federal sobre o sistema monetário financeiro internacional onde defende uma evolução para um "international monetary system characterized by more-flexible exchange rates, open capital accounts, and independent monetary policies that will facilitate the adjustment of global imbalances" ao mesmo tempo que reconhece que "For countries [China] with undervalued currencies, the adoption of more-flexible exchange rates requires an internal shift in resources across sectors--a transition that takes time", e não pude deixar de notar que algumas das frases sobre a crise financeira internacional:

"I would apportion responsibility to inadequacies in both the monetary and financial systems. With respect to the international monetary system, the basic story is now quite familiar: Strong capital outflows from countries with chronic current account surpluses--in part reflecting heavily managed exchange rates, reserve accumulation, and other shortcomings in the operation of the international monetary system--put downward pressure on real interest rates, in turn boosting asset prices (particularly for housing) and enhancing the availability of credit. These developments contributed significantly to the buildup of financial imbalances, but they were not, on their own, sufficient to have engendered the massive financial crisis we experienced.

Had the additional domestic credit associated with these capital inflows been used effectively, the imbalances need not have led to financial ruin. In the United States and other countries with current account deficits, however, borrowing too often supported excessive spending on housing and consumption, rather than financing productive investment (...)"

poderiam, com algumas pequenas alterações, ser utilizadas para descrever o que se passou em Portugal desde a segunda metade da década de 90. E não é apenas coincidência.