L’Europe et la chimère de l’union des marchés de capitaux

LONDRES – La survie de l’euro est aujourd’hui à nouveau en question, la Grèce exigeant l’annulation de sa dette et la fin de l’austérité – sans quoi les choses pourraient mal tourner. En dépit d’une union monétaire européenne menacée, et bien que l’union bancaire demeure à un stade précoce de développement, voici pourtant que la Commission européenne, chaque jour plus créative, s’embarque dans une nouvelle aventure, aspirant à une soi-disant « union des marchés de capitaux. »

Le terme « soi-disant » est en effet ici approprié, dans la mesure où ce projet, bien que sa définition demeure pour l’heure tout à fait vague, n’a certainement pas pour objectif de créer un marché de capitaux unique en Europe. La compétence des dirigeants de l’Union européenne ne saurait en effet leur autoriser la formulation d’une telle ambition, dans la mesure où celle-ci exigerait l’élaboration d’un nouveau traité – une boîte de Pandore que nul n’est prêt à ouvrir, d’autant plus que les électeurs européens ne semblent pas d’humeur à conférer encore davantage de pouvoir à Bruxelles.

Cette affaire de l’union des marchés de capitaux a en réalité débuté comme un slogan, inventé par l’un des proches du président de la Commission européenne Jean-Claude Juncker. Le nouveau commissaire européen aux services financiers, le Lord britannique Jonathan Hill, se retrouve ainsi chargé d’une tâche peu enviable consistant à étoffer concrètement le projet. Sur ce sujet, la ronde de consultation du « livre vert » de la Commission a produit davantage d’interrogations que de réponses.

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