Barrie Maguire

Pour un meilleur contrôle des marchés financiers

BRUXELLES – On ne manque pas d'analyses pour expliquer ce qui a dysfonctionné dans les marchés financiers lors des 18 derniers mois. Il est clair que la cause en tient à un ensemble complexe de relations, d'interactions, d'événements et d'omissions de la part de beaucoup des différents acteurs impliqués, plutôt qu'à un facteur unique.

Ainsi, je suis convaincu qu'au cours du temps il y a eu trop de réglementation du coté de l'offre sur le marché des services financiers, avec ses lobbies puissants et bien organisés, mais qu'il y a eu trop peu d'engagements du coté de la demande. C'est un déséquilibre que les législateurs devraient bien davantage prendre en compte.

Les régulateurs, les contrôleurs, et les agences de notation sont confrontés à un autre problème�: un manque de moyens. Quand les marchés sur lesquels interviennent les banques d'investissement étaient à la hausse (le secteur privé recrutait alors facilement les meilleurs), les régulateurs et les contrôleurs avaient de la difficulté à obtenir le budget nécessaire pour suivre le rythme des innovations et pour encadrer les marchés. Dans l'avenir, les gouvernements devront engager les ressources nécessaires pour parvenir à une meilleure évaluation de la gestion des risques par les institutions financières.

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