Dean Rohrer

Il faut réformer le système de réserves mondiales

NEW-YORK – Tant la Chine que la Commission des Nations unies pour la réforme du système monétaire et financier international en appellent à un nouveau système de réserves mondiales. Cette question devrait figurer en tête de la prochaine réunion du comité monétaire et financier international du FMI.

L'idée centrale est simple : un système monétaire international ne peut reposer à long terme sur une devise nationale – un argument exprimé il y a un demi-siècle par l'économiste américano-belge Robert Triffin. C'est la prise en compte de ce problème fondamental qui a conduit à la création des Droits de tirage spéciaux (DTS) du FMI dans les années 1960.

Le recours au dollar en tant que monnaie de référence depuis le début des années 1970 présente trois défauts majeurs. Tout d'abord, comme tous les systèmes qui l'ont précédé, il fait porter le poids de l'ajustement sur les pays en déficit budgétaire et non sur ceux qui connaissent un surplus. Ce sont les USA qui constituent la principale exception, du fait que leur devise sert de référence mondiale. C'est ainsi qu'ils ont pu financer jusqu'à présent leur déficit par des émissions de passifs en dollars qui sont détenus par le reste du monde.

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