La réglementation financière européenne ne prend pas le bon chemin

LONDON – La crise mondiale des systèmes financiers a mis en évidence l’échec massif des réglementations et on en appelle à surveiller plus et mieux. Le sommet du G20 de Pittsburgh s’est encore fait l’écho de ces invocations, auxquelles l’Union européenne répond, à l’instant, en projetant de créer un organe de surveillance paneuropéen.

Dans un système financier globalisé, le juste équilibre entre la juridiction d’origine et celle du pays hôte, et entre la surveillance nationale et supranationale, est essentiel. Prenez l’Europe. Ses institutions et ses marchés de capitaux ignorent les frontières comme jamais auparavant, mais ses autorités de tutelle se cantonnent toujours à un champ d'intervention local. Il serait utile de régler le problème au niveau européen pour trouver des réponses au niveau planétaire.

Le système de “passeport unique” en vigueur dans l’UE, sous la responsabilité exclusive du superviseur du pays d’origine, a échoué lamentablement. Les économies baltes sont sans doute les plus sacrifiées, mais les dégâts s’étendent du Centre à l’Est de l’Europe, en passant par les Balkans. Après l’impact dévastateur que la crise a eu sur leur économie, les pays qui ont hébergé des branches ou des filiales bancaires de l’Ouest sont fondés à ne pas accepter le statu quo.

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