Paul Lachine

Comment concevoir un échec régulatoire

PRAGUE – A la fin de l’année dernière, les ministres des finances de l’Union Européenne ont donné le feu vert à un nouveau système de supervision pour les marchés financiers de l’UE. Il revient maintenant au Parlement Européen de s’atteler à cette question hypersensible, dont la part la plus controversée concerne les pouvoirs et les responsabilités qui doivent être octroyées aux trois nouvelles agences de surveillance pan-européennes pour la banque, les titres et l’assurance.

La décision du Parlement aura une portée considérable et affectera les finances européennes pendant de nombreuses années. Même si certains se plaignent que le compromis de décembre sur les régulations financières ne va pas assez loin, il est peut-être temps de considérer que le contraire est vrai.

Le déclic pour un tel revirement fondamental de politique fut le rapport publié au début de 2009 par l’ancien directeur de la Banque de France et ancien patron du FMI, Jacques de Larosière. Mais son rapport a ignoré de nombreuses questions cruciales qui étaient à l’époque largement négligées dans les débats sur la réforme financière.

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