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FRANCFORT – Depuis la fin de la Seconde Guerre mondiale, la part du PIB mondial des États-Unis est passée de 30 % à environ 18 %. Les autres économies avancées ont également enregistré des baisses continues de leurs parts respectives du gâteau à l'échelle mondiale. Mais à en voir l'état du système monétaire international, on ne le soupçonnerait pas.

Au cours de la même période, la part du PIB mondial de la Chine a presque quadruplé, à environ 16 % (juste derrière les États-Unis) et les marchés émergents représentent environ 60 % de la production mondiale, contre environ 40 % dans l'immédiat après-guerre. Étant donné que les perspectives de croissance des économies avancées restent modérées, ces tendances sont susceptibles de perdurer, même avec le ralentissement évident en Chine et sur d'autres marchés émergents.

Pourtant la finance mondiale ne répercute pas ce changement d'équilibre entre les économies avancées et les économies émergentes. Les accords de Bretton Woods d'après-guerre ont institutionnalisé le rôle du dollar américain comme principale monnaie de réserve et jusqu'aux années 1970, environ deux tiers du PIB mondial ont été ancrés sur le billet vert. Le reste s'est largement partagé entre la livre sterling et le rouble soviétique.

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