La guerre du capital chez les banquiers

PARIS – Presque tout le monde s’accorde à dire aujourd'hui que les banques ont besoin de davantage de capital. Christine Lagarde a choisi d’en faire sa première campagne de Directrice du Fonds Monétaire International. Et les analyses classiques de la crise financière se concentrent sur le faible apport en capital de nombreuses banques, qui les laisse avec des réserves insuffisantes pour absorber les pertes qu'elles ont négligées lorsque les prix des actifs ont fortement chuté en 2007-2008.

Les contribuables, notamment aux États-Unis et au Royaume-Uni, ont été obligés d'intervenir pour combler ce trou. Le même film catastrophe est en ce moment au programme dans la zone euro. Nous pouvons seulement espérer que les banquiers soient finalement sauvés de la tour de l'euro en flammes par Super-Sarkozy et Wonder-Frau Merkel – et que le Comité de Bâle des Contrôleurs Bancaires s'assure qu'il n’y aura aucune séquelle.

Le Comité de Bâle a proposé de renforcer considérablement la quantité et la qualité du capital au sein du système bancaire mondial. Cela signifierait un noyau beaucoup plus gros de capitaux propres pour toutes les banques et une gamme de réserves supplémentaires – un tampon de conservation du capital, un tampon contracyclique et un supplément pour les institutions systémiquement essentielles – qui doivent être ajoutés selon leur bon vouloir par les organismes de réglementation nationaux. Malheureusement, la date de mise en ouvre finale de ces nouvelles obligations a été reportée à 2019 – date à laquelle quelques banques pourraient encore rester debout.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/P12riXC/fr;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now