Broken Piggy Bank Euros Irish Typepad/flickr

Il faut lutter contre les risques systémiques

WASHINGTON - Deux grands courants de pensée s'opposent au sujet du système financier mondial. Le premier, qui réunit essentiellement les dirigeants des grandes banques mondiales et leurs alliés, considère que ce système est plus sûr qu'il ne l'a jamais été et qu'en raison des réformes qui ont suivie, les événements qui ont conduit à la crise financière mondiale de 2008 ne peuvent se reproduire.

Le deuxième courant rassemble un nombre croissant d'anciens et de nouveaux responsables politiques. Il se préoccupe des risques qui pèsent et continueront à peser aux USA, en Europe et ailleurs. Le secrétaire du Trésor américain, Jack Lew, en a fait état lors d'une récente audition devant le Congrès lorsqu'il a expliqué pourquoi il faut autoriser le Conseil de surveillance de la stabilité financière (FSOC, Financial Stability Oversight Council) à déterminer si une entreprise ou un secteur d'activité, quel qu'il soit, présente un risque pour le systéme financier.

Une voix particulièrement forte s'est jointe à la mêlée, celle de Kara Stein, commissaire de la SEC (Securities and Exchange Commission), le gendarme de la Bourse américain. En juin, lors d'un discours très remarqué, elle a proposé d'attribuer une place centrale aux régulateurs des marchés financiers pour prévenir les risques systémiques - les risques susceptibles de se propager rapidement et souvent de manière inattendue à travers les marchés et les entreprises de tout ordre. L'exemple le plus connu est sans doute la faillite de Lehman Brothers en 2008 qui a failli entraîner l'effondrement de l'assureur AIG et suscité de fortes pressions sur les fonds communs de placement du marché monétaire. 

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