Giuseppe Cacace/AFP/Getty Images

Résoudre la crise bancaire européenne en Italie

LONDRES – Le secteur bancaire européen est gravement compromis et très fragmenté. Bien que ses problèmes soient plus graves pour certains pays et certaines institutions financières, le secteur fonctionne à un niveau de rentabilité qui est en moyenne inférieur à son coût du capital et maintient un stock de prêts non productifs et d'actifs difficiles à évaluer assez important pour saper sa capitalisation pour les années à venir.

L'Italie est un cas d'espèce. Non seulement son secteur bancaire dysfonctionnel sape la reprise économique et refrène les investissements, mais en outre les problèmes du secteur sont en première ligne d'un problème qui affecte l'ensemble de la zone euro.

Au printemps 2012, il était manifeste que le système bancaire européen était un point faible critique dans l'architecture de l'euro. Une supervision bancaire commune, un cadre de résolution centralisé et un système mutualisé de garantie des dépôts étaient considérés comme des piliers nécessaires de la zone euro. On pensait que ces mesures contribueraient à court terme à accélérer le dépannage bancaire et qu'elles mettraient un terme à la fragmentation financière, qu'elles établiraient un terrain de jeu équitable, qu'elles réduiraient le risque de futures crises bancaires et que finalement, elles permettraient de contenir et de partager les coûts des faillites bancaires.

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