Chris Van Es

Re-régulation financière et démocratie

NEW YORK – Il aura fallu attendre près de deux ans depuis la faillite de Lehman Brothers, et plus de trois ans depuis le début de la récession mondiale occasionnée par les graves fautes du secteur financier pour qu’enfin les Etats-Unis et l’Europe réforment la régulation financière.

Peut-être devrions-nous célébrer les victoires règlementaires tant en Europe qu’aux Etats-Unis. Après tout, il est désormais globalement admis que la crise à laquelle le monde est confronté aujourd’hui – et pour encore probablement de longues années – résulte des excès de mouvements de dérégulation débutés sous Margaret Thatcher et Ronald Reagan il y a trente ans. Des marchés sans entraves ne sont ni efficaces ni stables.

Mais la bataille – et même la victoire – a laissé un goût amer. La plupart de ceux qui sont responsables pour les erreurs commises – que ce soit à la Réserve Fédérale américaine, au Trésor américain, à la Banque d’Angleterre et à l’Autorité des services financiers britanniques, à la Commission Européenne et à la Banque Centrale Européenne, ou dans les banques privées - n’ont pas reconnu leurs échecs.

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