Marchés émergents et réforme financière mondiale

BERKELEY – Il est tout à fait approprié que le prochain sommet du G20 se déroule à Pittsburgh, un ancien centre industriel d’une économie avancée, parce que ce sont bien les économies avancées qui ont été chargées de définir l’ordre du jour de la réforme des systèmes financiers. À part  une certaine joie maligne à l’idée du malheur des pays industrialisés, les marchés émergents n’ont pas apporté grand chose au débat.

Les Etats-Unis mettent l’accent sur le relèvement des exigences de fonds propres imposées aux banques. Les Européens sont eux favorables à une réforme des bonus dans le secteur financier. Bien que ces deux propositions aient chacune leurs mérites, leur capacité à stabiliser des systèmes financiers dangereusement instables est, au mieux, douteuse.

Ce que les marchés émergents peuvent ajouter à ce programme n’est pas clair, pour le dire charitablement. Ils n’ont pas dit ce qu’ils comptaient faire pour réformer leurs systèmes financiers. Ils peuvent toujours dire que ce n’est pas leur problème – que la crise des deux dernières années a été centrée sur les économies avancées et que ce sont les seuls systèmes financiers de ces pays qui doivent être réformés.

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