Lutter contre la manipulation des monnaies

WASHINGTON, DC – Est-il convenable de recourir à des accords commerciaux dans le but de dissuader les États d’entreprendre sur le marché des changes une intervention à grande échelle qui leur permettrait de maintenir une faible valeur de leur monnaie ? C’est la question du jour au sein des cercles de la politique économique américaine.

Ces dernières années, Japon, Chine et Corée du Sud ont choisi de manipuler leur monnaie respective afin de la maintenir sous-évaluée. Ceci leur a permis de booster les exportations, de limiter les importations, et d’enregistrer d’importants excédents de balance courante. Or, de telles interventions viennent mettre à mal les partenaires commerciaux, et sont d’ailleurs interdites par les règles internationales actuelles. Seulement voilà, ces règles se révèlent totalement inefficaces.

Voici toutefois qu’apparaît aujourd’hui une opportunité de résolution de cette problématique, à travers le Partenariat transpacifique (TPP) – accord de libre-échange d’envergure méga-régionale, réunissant les États-Unis, le Japon, ainsi que dix autres pays d’Amérique latine et d’Asie. À l’approche de la finalisation du TPP, la Chine et la Corée du Sud observent avec la plus grande attention, tandis que d’autres pays pourraient souhaiter s’y joindre.

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