Mettre fin au privilège exorbitant de l’Amérique

NEW YORK – L’impasse politique actuelle aux États-Unis recèle deux implications majeures pour le système monétaire international. La conséquence la plus connue a été un approfondissement de l'incertitude sur le dollar américain, la principale monnaie de réserve mondiale et sur les titres du Trésor américain, soi-disant l’actif financier le « plus sûr » au monde. Sans surprise, les principaux investisseurs en bons du Trésor américain, la Chine et le Japon, ont exprimé leur inquiétude. Pour dire les choses simplement, l'économie mondiale a en son centre un régime politique dysfonctionnel qui génère des menaces de défaut récurrentes sur le principal actif de réserve du monde.

La deuxième conséquence est un nouveau report de la mise en application des réformes des systèmes de gouvernance et de quotas du Fonds monétaire international de 2010, qui doivent doubler les contributions des pays membres et augmenter modestement le poids décisionnel des grandes économies émergentes. Avant son approbation par le Conseil du FMI en décembre 2010, la réforme, adoptée lors du sommet du G20 de Séoul, avait été saluée comme une percée « historique ». pourtant, l'histoire est au point mort en l’absence d’approbation par les Etats-Unis, qui a un droit de veto effectif sur les principales décisions du FMI.

La menace d'un défaut américain pourrait bien se terminer par un accord politique visant à augmenter le plafond sur la dette du gouvernement US, comme cela s'est produit en 2011. Néanmoins, quel que soit le résultat, le récent épisode indique de manière extrêmement claire que notre monde globalisé mérite un système monétaire international meilleur que le « non-système » actuel, qui a évolué de manière ad hoc depuis l'effondrement au début des années 1970 des dispositions de Bretton Woods initiales.

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