Relève de la garde au FMI

Le départ imminent de Stanley Fischer du poste de premier directeur général adjoint du FMI marque la fin d’une époque. En fait, tous ceux qui ont dirigé cette institution pendant les crises mondiales de 1997-1998 (Fischer, le directeur général Michel Camdessus, le chef économiste Michael Mussa, ainsi que les deux hommes qui tiraient les ficelles dans les coulisses depuis le ministère des Finances américain, Robert Rubin et Larry Summers) sont tous partis ou sur le point de partir.

Les échecs de 1997 en Indonésie, en Thaïlande, et en Corée furent suivis par d’autres échecs l’année suivante, en Russie et au Brésil : dans tous ces cas, les tentatives de maintien de taux de change surévalués ont appauvri les contribuables de ces pays de quelques milliards de dollars. La préservation des taux de change a cependant offert les délais indispensables aux classes fortunées pour s’en sortir de manière plus favorable. Seule la dévaluation a rétabli la croissance dans ces pays.

La crédibilité du FMI a baissé avec chaque échec. Et pourtant, il s’est débattu pour trouver des solutions, avec à chaque fois de moins en moins de succès ; elles nécessitaient parfois des prêts préventifs, comme au Brésil, ou des stratégies de financements mixtes finalement abandonnées, comme dans le cas de la Roumanie.

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