WEF Fabrice Coffrini/Getty Images

Un ordre économique instable ?

LAGUNA BEACH – Le retrait des économies développées hors de l’économie mondiale – et, dans le cas du Royaume-Uni, hors des cadres économiques régionaux – a particulièrement retenu l’attention ces derniers temps. À l’heure où s’exerce une pression sur les structures sous-jacentes de l’économie globale, ceci pourrait avoir d’importantes conséquences.

Que ce soit par choix ou par nécessité, la grande majorité des économies de la planète s’inscrivent dans le cadre d’un système multilatéral qui confère d’immenses privilèges à leurs homologues du monde développé, notamment aux États-Unis et à l’Europe. Trois privilèges se dégagent.

Premièrement, dans la mesure où elles émettent les principales monnaies de réserve de la planète, les économies développées peuvent échanger contre des billets qu’elles ont elles-mêmes imprimés un certain nombre de biens et services produits par d’autres. Deuxièmement, pour la plupart des investisseurs mondiaux, les obligations d’État liées à ces économies constituent une composante quasi-automatique de la composition du portefeuille, de telles sorte que les déficits budgétaires de leur propre gouvernement sont en partie financés par l’épargne d’autres pays.

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