Le trio des inégalités

LAGUNA BEACH – Un bon nombre de divergences ont eu lieu lors des dernières Réunions annuelles de la Banque mondiale et du Fonds Monétaire International. L'une des plus marquantes a porté sur la disparité entre l'intérêt des participants quant aux débats sur les inégalités et le manque persistant d'un plan d'action formelle des gouvernements en vue de les résoudre. Cela représente un profond échec dans la faculté d'imagination des mesures. Il s'agit d'y remédier de toute urgence.

Il y a de bonnes raisons à la flambée des taux d'intérêt. Bien que les inégalités aient diminué dans tous les pays, elles ont augmenté en leur sein, dans les pays développés ainsi que dans les pays émergents. Le processus découle d'une combinaison de problèmes structurels et à long terme (à savoir la nature changeante des progrès technologiques, l'augmentation des caractéristiques d'investissement « où le vainqueur rafle toute la mise » et de systèmes qui avantagent les riches) et qui a été suralimenté par des forces cycliques.

Dans les pays développés, le problème réside dans une polarisation politique sans précédent, qui a empêché certaines réponses globales et a imposé une charge excessive sur les mesures des banques centrales. Bien que les autorités monétaires disposent d'une autonomie plus politique que les autres organes de décision, elles ne disposent pas des outils nécessaires pour relever efficacement les défis auxquels sont confrontés leurs pays.

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