La fragmentation de Bretton Woods

LAGUNA BEACH – Le monde a considérablement changé depuis que les dirigeants politiques des 44 pays alliés se sont réunis en 1944 à Bretton Woods, dans le New Hampshire, pour créer le cadre institutionnel de l'ordre économique et monétaire à la fin de la Deuxième Guerre mondiale. Ce qui n'a pas changé dans les institutions de ces sept dernières décennies (le Fonds Monétaire International et la Banque Mondiale) semble avoir besoin de se doter à présent d'institutions multilatérales fortes. Mais le soutien politique national aux accords de Bretton Woods est au plus bas, ce qui sape la capacité de l'économie mondiale à atteindre son potentiel et à apporter sa contribution à l'insécurité géopolitique.

Lorsque de la Conférence de Bretton Woods a été organisée, ses participants ont compris que le FMI et la Banque mondiale faisaient partie intégrante de la stabilité mondiale. En effet, les deux institutions ont été conçues pour décourager certains pays d'adopter des mesures à court terme qui pourraient nuire aux performances des autres économies, inciter à des mesures de rétorsion et finir par endommager l'économie du monde entier. En d'autres termes, elles étaient destinées à éviter le genre de mesures protectionnistes que plusieurs grandes économies ont adoptées pendant la Grande Dépression des années 1930.

En outre, en encourageant de meilleures mesures de coordination et en mettant en commun les ressources financières, les institutions de Bretton Woods ont amplifié l'efficacité de la coopération internationale. Et elles ont amélioré la stabilité en proposant une assurance collective aux pays confrontés à des difficultés temporaires ou ayant du mal à répondre à leurs besoins de financement et de développement.

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