Dean Rohrer

Une modeste proposition à l’attention du G20

PEKIN – En mars, lors d’une réunion à Pékin organisée par l’Initiative pour le Dialogue Politique de l’Université Columbia et l’Université Centrale de Finance et d’Économie de Chine, des spécialistes et des hommes politiques ont discuté des moyens pour réformer le système monétaire international. Car si ce système n’a pas directement causé les récents déséquilibres et instabilités de l’économie globale, il s’est avéré inefficace à y répondre.

La réforme nécessitera, bien sur, de longues discussions et délibérations. Mais le consensus à Pékin était que le G20 devrait adopter une modeste proposition cette année : une expansion limitée du système actuel de Droits de Tirage Spéciaux (DTS) du Fond Monétaire International. Cette proposition, bien que d’envergure limitée, pourrait jouer un rôle important pour lancer des discussions autour de réformes plus profondes tout en contribuant à rétablir la fragile économie mondiale et atteindre l’objectif exprimé dans la déclaration du G20 de Pittsburgh : une croissance forte, durable et équilibrée.

Nous suggérons que le rôle des DTS soit étendu par de nouvelles émissions et par leur utilisation croissante dans les prêts du FMI. Cela permettrait de bâtir sur la suggestion éclairée faite lors de la réunion du G20 de Londres d’émettre l’équivalent de 250 milliards de dollars en DTS, qui fut subséquemment rapidement mise en ouvre. Le G20 pourrait suggérer que le FMI émette un volume significatif de DTS dans les trois prochaines années. Nous pourrions suggérer, par exemple, l’émission de 150 à 250 milliards de DTS par an (approximativement 240 à 390 milliards de dollars aux taux de change actuels).

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