IMF Karen Bleier / Getty Images

Une idée parfaitement folle pour le FMI

GENÈVE – Dans le film Esprits rebelles, l'actrice Michelle Pfeiffer interprète une ancienne Marine américaine qui devient enseignante dans un lycée du centre-ville. Dans un environnement difficile, où la réussite scolaire est loin d'être en tête de liste des priorités des adolescents rebelles, le personnage de Pfeiffer imagine une nouvelle approche peu orthodoxe (et efficace), où chaque élève va commencer l'année avec une note « A », qu'il leur appartient de perdre. À l'heure où de nombreuses économies de marché émergentes sont aussi découragées que les étudiants de Pfeiffer, peut-être que le Fonds Monétaire International devrait s'inspirer de sa méthode.

Les économies émergentes vivent dans un monde risqué, caractérisé par des flux de capitaux instables. Mais plutôt que de compter sur le FMI pour remplir son mandat de les protéger contre les crises de liquidité, ils s'auto-assurent en accumulant des stocks importants de réserves internationales. Les économies émergentes et en développement prêtent maintenant près de 7,5 mille milliards de dollars au Trésor américain : des ressources qui pourraient être utilisées pour financer des projets d'infrastructure qui font cruellement défaut.

Ce qui est curieux dans cette approche, c'est que le dossier du FMI dans la gestion des crises financières, bien qu'il soit loin d'être parfait, est généralement assez bon. Alors, pourquoi cette réticence à compter sur le Fonds ?

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