La méthode asiatique au secours du G7 ?

Les plans de sauvetage à hauteur de milliers de dollars des gouvernements américains et européens - à l'exception de celui de la Grande-Bretagne - visent à restaurer la confiance des marchés au lieu de s'attaquer à la racine profonde du mal. Aussi, il serait bon de jeter un coup d'œil du coté de l'Asie. Cela pourrait servir d'exemple, à la fois en termes de stratégie et de financement.

Pour sortir de la crise, il faut non seulement injecter davantage de liquidité, mais aussi redresser le bilan des banques et rétablir leur base en capital. Si la situation demande une approche systémique, les solutions offertes manquent de cohérence ou sont inadéquates. Les garanties de l'Etat sur les prêts interbancaires ne réduiront pas les prêts à risque et l'achat de ces derniers n'améliorera pas la capacité de prêt des établissements financiers. Enfin, si l'Etat devient actionnaire minoritaire dans les grandes banques, il risque de laisser sur le coté les autres plus petites qui sont tout autant exposées aux dettes à risque et qui de ce fait ne peuvent répondre aux besoins des entreprises locales et des consommateurs qui donnent une certaine fluidité à l'économie.

Le plus surprenant, c'est l'absence d'initiative claire pour examiner de prés le bilan des banques. Pourtant les régulateurs on besoin de savoir quel est le nombre de banques en difficulté et doivent avoir une idée précise de leur situation pour concevoir et appliquer des solutions ciblées. Les mesures prises par les pays asiatiques pour redresser leurs secteurs financiers durant la crise qu'ils ont traversée il y a dix ans pourraient montrer la voie.

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