L’Asie peut-elle se libérer du FMI ?

BERKELEY – Il n’y a jamais eu de doute sur les véritables objectifs de l’Initiative de Chiang Mai (ICM), système de soutien financier asiatique créé en 2000 dans la ville chinoise. La finalité, bien sûr, est de créer un fonds monétaire asiatique, c’est-à-dire une alternative régionale au Fonds Monétaire International, dont les arbitrages au cours de la crise financière de 1997-98 n’ont été ni oublié, ni pardonné.

Mais jusqu’à présent, cette ICM n’est que l’ombre d’elle même. Les lignes de crédits et les swaps n’ont jamais été activés. Le désarroi causé par la banqueroute de Lehman Brothers aurait pu être une occasion idéale. Et pourtant, et cela est très révélateur, la Banque de Corée, la banque centrale la plus touchée, a négocié un swap de 30 milliards de dollars en devises étrangères avec la Fed américaine et non avec l’ASEAN+3 partenaires.

Il semblerait que l’ASEAN+3 a réussi une importante percée avec la Multilatéralisation de l’Initiative de Chiang Mai (CMIM) dont le but est de transformer ses swaps et crédits bilatéraux en fonds commun de réserve régionale. Le projet avait été initié en 2005 et les ministres des finances de l’ASEAN+3 en ont négocié les détails. Ils ont défini les contributions à cette réserve de 120 milliards de dollars, ont déterminé les modalités d’emprunts et réparti les parts de votes.

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