L'envie européenne du dollar

Les devises peuvent jouer un rôle essentiel non seulement dans les transactions commerciales, mais également dans les disputes diplomatiques et politiques. Lorsque cela se produit, les transactions commerciales deviennent plus difficiles et sujettes à une plus grande incertitude. La politisation de l'argent lors de la dépression de l'entre-deux-guerres s'est révélée économiquement dévastatrice. Mais de violentes guerres des devises se sont déroulées plus récemment.

Au cours des années 1960, l'ordre monétaire international est devenu l'objet d'une lutte politique acharnée. Chaque protagoniste avait des théories et des explications sensiblement différentes sur la situation. Les Européens, et tout particulièrement les Français, se plaignaient de ce que le général Charles de Gaulle qualifiait de « privilège exorbitant » du dollar américain. Le général et son gourou monétaire, Jacques Rueff, soutenaient que les Etats-Unis utilisaient le statut du dollar comme devise de réserve majeure du régime de taux de change fixe de Bretton Woods afin de gérer les déficits et de payer leur aventurisme militaire à l'étranger (à cette époque au Vietnam).

La France a réagi en appelant à une réforme monétaire qui mettrait fin au rôle particulier du dollar et a tenté de ressusciter l'étalon or largement discrédité. Les Européens ont entamé une longue discussion sur les avantages de l'union monétaire, dont la réalisation leur permettrait de concurrencer le dollar.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in

  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now