Il faut réformer les Accords de Bâle

ROME – Les Accords de Bâle, supposés protéger les déposants et plus généralement les clients des banques des mauvaises pratiques de ces dernières, ont exacerbé en réalité la spirale économique descendante amorcée par la crise financière de 2008. Du fait de la crise, la confiance a disparu, les banques ont dû vendre leurs actifs et restreindre leurs prêts pour se conformer aux exigences en matière de capital stipulées par les Accords. La restriction du crédit a conduit à une chute du PIB et à une montée du chômage, tandis que la vente brutale des actifs a accéléré le déclin.

L'étude récente que j'ai faite récemment avec Jacopo Carmassi (Time to Set Banking Regulation Right) montre qu'en autorisant les grandes banques internationales à s'endetter à un niveau dangereux et à prendre des risques excessifs - les laissant parfois accumuler un passif 40 ou 50 fois supérieur à leurs capitaux propres - les Accords de Bâle ont non seulement permis la crise, mais paradoxalement, l'ont intensifiée.

Après la crise, les dirigeants de la planète et les banques centrales ont réexaminé la réglementation bancaire et modifié en priorité les règles prudentielles des Accords de Bâle. Malheureusement, les nouveaux accords de Bâle III et les Directives européennes sur les fonds propres réglementaires qui ont suivi n'ont pas pallié aux deux défauts des règles prudentielles internationales : le recours à des modèles de gestion des risques par les banques pour le calcul des exigences en capital et l'absence de véritable contrôle.

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