Tim Brinton

Prévenir la prochaine crise de l’euro

LUXEMBOURG – Énormément de temps et d’énergie sont aujourd’hui consacrés à institutionnaliser un mécanisme de gestion de crise pour la zone euro. Cet objectif est à la fois important et utile. Mais un défi autrement plus significatif – et largement abordé dans les débats actuels – est la nécessité de mesures de prévention de crises.

Lors du dernier sommet de l’Union européenne fin 2010, les chefs d’État et de gouvernement ont entériné le principe de convertir l’actuel Fonds européen de stabilité financière (FESF), créé dans l’urgence en mai 2010, en un nouveau mécanisme européen permanent de stabilité financière à partir de 2013. Cette décision – et la rapidité avec laquelle elle a été adoptée – reflètent la perception du fait que le cadre institutionnel de la zone euro restera incomplet tant que des règles claires n’auront pas été établies pour affronter les crises financières.

Mais même s’il est évident que la zone euro se dotera de zones de quarantaine solides et bien équipées en cas de nouvelle contagion financière, un vaccin permettant de prévenir l’infection serait bien plus efficace. Le monde politique n’accorde malheureusement que trop peu d’attention à cette approche.

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