Paul Lachine

Tobin n'aurait pas été d'accord !

LE CAP  – Finalement les dirigeants européens ont révélé leur plan top-secret pour résoudre la crise de l'euro. Annoncée au roulement du tambour, c'est une taxe sur les transactions financières du genre de celle qu'avait proposée en 1972 le prix Nobel d'économie James Tobin.

Aujourd'hui, soit 40 ans après, la Commission européenne avance un projet analogue soutenu par Nicolas Sarkozy et Angela Merkel. Son taux irait de 0,01% sur les produits financiers dérivés comme les CDS et les contrats à terme, à 0,1% sur les titres boursiers. Si elle ne peut être appliquée partout, ni même à l'échelle européenne, la France et l'Allemagne resteront les seules parties prenantes. Et étant donné l'enthousiasme de Sarkozy en faveur de cette taxe, la France pourrait même l'adopter unilatéralement.

Mais comment une taxe sur les transactions financières pourrait-elle contribuer à résoudre la crise européenne ? Selon la Commission européenne elle-même, appliquée dans toute l'Union européenne, elle ne permettrait de récolter que 50 milliards d'euros par an. C'est maigre comparé aux dettes et aux déficits de la zone euro, et très insuffisant pour alimenter le Mécanisme européen de stabilité, le mécanisme permanent de prévention des crises qui devrait être financé à hauteur de 500 milliards d'euros.

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