Christine Lagarde at G20 2016 Li Xin/ Xinhua via ZUMA Wire

La résilience furtive de l'économie mondiale

OXFORD – La semaine dernière, Christine Lagarde, la Directrice Générale du Fonds Monétaire International, a mis en garde les pays qu'à défaut d'agir de concert, l'économie mondiale pourrait être mise en péril. De même, l'OCDE a mis en garde les pays d'agir « en urgence » et « collectivement » pour relancer les perspectives de croissance mondiale. Pourtant, les ministres des Finances du G-20 et les gouverneurs des banques centrales, à qui ces prières ont été adressées, ont échoué à convenir d'une telle action lors de leur dernière réunion à Shanghai.

Le communiqué publié après la réunion n'a pas manqué de mentionner un engagement à utiliser « la politique de tous les outils (monétaires, budgétaires et structurels), individuellement et collectivement » pour « renforcer la confiance et pour préserver et renforcer la reprise. » Mais le communiqué reflète également des divisions notables (en particulier en ce qui concerne le rôle des politiques monétaires et budgétaires pour stimuler la croissance), parmi les ministres des Finances et les directeurs de banques centrales qui ont approuvé son texte.

En matière de politique monétaire, le communiqué propose l'instruction de pure forme selon laquelle le G-20 doit « continuer à soutenir l'activité économique et à assurer la stabilité des prix, conformément aux mandats des banques centrales ». Tout cela a permis d'esquiver la question principale : les banques centrales doivent-elles tenter de stimuler la croissance grâce à des politiques monétaires « non conventionnelles » ?

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