Paul Lachine

Tenir le FMI en dehors de l’Europe

BUENOS AIRES – Une rumeur passagère a récemment laissé entendre que le Fonds Monétaire International était en train de réunir un plan de soutien de €600 milliards ($803 milliards) en faveur de l’Italie afin de donner dix huit mois à son gouvernement pour mettre en place le programme d’ajustement nécessaire. Mis à part son ampleur, ce plan ressemble beaucoup aux programmes d’ajustement standards du FMI – ceux que nous sommes habitués à voir (et à critiquer) dans le monde en développement. Mais il y a une différence cruciale : l’Italie fait partie d’un club select qui n’a pas besoin de fonds de secours externe.

Jusqu’à présent, les programmes à destination de la périphérie de la zone euro ont été lancés et largement financés par les gouvernements européens, et le FMI, tout en y contribuant financièrement, n’agissait plutôt que comme un consultant extérieur – la tierce partie qui annonce la mauvaise nouvelle au client tandis que les autres baissent les yeux.  

En revanche, l’idée de réunir des ressources multilatérales pour l’Europe avait été explicite dans l’appel fait en novembre par les ministres des finances de la zone euro à l’adresse du FMI afin qu’il réunisse des ressources – préférablement par le biais de prêts bilatéraux générateurs de dette – de façon à ce qu’il puisse « coopérer plus étroitement » avec le Mécanisme Européen de Stabilisation Financière. Cela signifie que l’idée passagère d’un méga plan du FMI pour l’Italie, devant être largement financé par des ressources non européennes, peut être considéré comme un réel changement des règles du jeu : l’Italie pourrait ne jamais recevoir de telles ressources, mais l’Europe semble déterminée à résoudre ses problèmes en utilisant l’argent des autres. 

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