La danse de l’ombre des grandes banques

WASHINGTON, DC – L’un des grands mythes propagés par les grandes institutions financières consiste à affirmer que si l’on procédait de nouveau effectivement à leur régulation, nombre d’investisseurs et de transactions financières s’enfuiraient en direction des « banque de l’ombre. »

Une perspective des plus inquiétantes. Par définition, tout ce que l’on trouve tapi dans l’ombre nourrit une intention hostile, implique des conséquences potentiellement dangereuses, voire les deux. L’essence même de la pénombre impliquerait par ailleurs une impossibilité absolue d’y remédier – le shadow banking semblerait a priori échapper à toute possibilité de réglementation ou de supervision efficace. Peut-être alors le risque attaché au système financier ne saurait qu’augmenter, et non diminuer, si l’on réglementait correctement les grandes banques extérieures au shadow banking.

Autant de récits fantastiques ô combien effrayants. En réalité, il existe trois types d’activités « de l’ombre, » qui s’opèrent toutes sans aucun mystère, au grand jour, et qui pourraient tout à fait être contrôlées de manière directe et responsable. Comme toujours, la question de savoir si nous avons véritablement la volonté politique de mettre en œuvre des contrôles efficaces est une autre histoire – notamment dans la mesure où les grands établissements financiers se révèlent extrêmement puissants, et ont tout intérêt à ce que la pénombre demeure aussi épaisse qu’elle l’est aujourd’hui.

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