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Le G20 et la crise de liquidités

SAO PAULO – Les dirigeants du G20 vont se réunir dans quelques jours à Antalya en Turquie pour leur 10° sommet depuis la crise financière mondiale de 2007. Malgré la multiplication de ces sommets (des rencontres au plus haut niveau des responsables des économies les plus importantes de la planète) depuis celui de Séoul en 2010, ils n'ont pas fait grand chose pour réformer l'architecture financière internationale. Autrement dit, le G20 ne remplit pas son mandat premier consistant à renforcer la stabilité financière et monétaire mondiale.

Cela tient en grande partie à l'alourdissement du programme du G20 au cours des années. Au moment où l'on voit poindre à l'horizon des bouleversements financiers, le G20 doit se concentrer sur le cœur de sa mission plutôt que de chercher à régler simultanément toute une série de problèmes – un objectif qui s'avère impossible.

La Réserve fédérale américaine se prépare maintenant à augmenter ses taux d'intérêt qu'elle  maintient proche de zéro depuis la crise. Ce resserrement monétaire probablement nécessaire  pourrait déclancher une grave crise de liquidités dans les pays en développement, avec des conséquences économiques potentiellement désastreuses. C'est pourquoi il faudrait que les participants du sommet du G20 à Antalya établissent un contre-feu institutionnel crédible pour faire face aux difficultés qui s'annoncent.

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