Pour une véritable régulation financière

LONDRES – Le système mondial de régulation financière est d'une complexité extraordinaire. C'est en partie pour cela qu'il est mal compris. Pour l'expliquer à mes étudiants de Sciences Po à Paris, afin de simplifier les choses j'ai conçu un diagramme qui explicite les relations entres les différentes entités qui le composent.

Beaucoup de gens ont entendu parler du Comité de Bâle sur le contrôle bancaire qui fixe les normes que doivent respecter les banques en matière de capitaux. Sont également connues la Banque pour les règlements internationaux qui est la banque centrale des banques centrales où siège le Comité de Bâle. Par contre l'Organisation internationale des commissions de valeurs (OICV) qui fixe les normes pour les régulateurs des marchés de valeurs mobilières est moins connue et l'Association internationale des superviseurs d'assurance (IAIS, International Association of Insurance Supervisors) est presque inconnue.

On pourrait énumérer encore beaucoup d'autres entités. L'Organisation internationale pour les normes comptables fait grosso modo ce qu'indique son nom, alors que les Américains qui en sont membres ne suivent pas ses normes. Ces dernières sont appelées maintenant normes internationales d'information financière (IFRS, International financial reporting standards), ce qui peut prêter à confusion. L'Organisation internationale pour les normes comptables a donné naissance à des commissions destinées à superviser les audits. Il existe même un organisme international qui audite les organismes qui auditent les auditeurs - ce qui n'est pas sans rappeler le dernier roman de Hermann Hesse, Le jeu des perles de verre .

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