Leçons de l’euro pour l’Asie de l’Est

SÉOUL – L’Asie de l’Est pourrait apprendre une ou deux précieuses leçons de la crise de la zone euro. Primo, ne pas brusquer le processus d’intégration financière et monétaire. Secundo, mettre en place un cadre institutionnel adéquat avant d’intervenir.

En fait, les pays de l’Asie de l’Est ne sont pas prêts d’adopter un régime de changes fixes régional ni une union monétaire à devise unique dans un avenir immédiat, étant donné la grande diversité de conditions économiques et politiques de la région. Il est possible que d’ici quelques décennies, les pays de la région mettent sur pied des institutions dans le but de promouvoir l’intégration financière, le même type d’organisme de surveillance que les banques de l’Union européenne sont en train de créer.

Il est toutefois opportun pour les décideurs politiques d’Asie d’essayer d’améliorer dès maintenant des mécanismes de coopération conçus pour prévenir et gérer les crises. La multilatéralisation de l’initiative de Chiang Mai (MICM) de l’ANASE +3 présente des perspectives prometteuses – les 10 membres de l’Association des nations de l’Asie du Sud-Est augmenté de la Chine, du Japon et de la Corée du Sud. Ce fonds régional de réserve de 120 milliards $ a été lancé en 2010 pour assurer la liquidité à court terme aux États membres en cas d’urgence.

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