Matt Wuerker

Contre une coordination financière internationale

CAMBRIDGE – Lorsque le président américain Barack Obama a annoncé fin janvier dernier son intention de mettre en place des règlementations plus sévères pour les banques, il n’espérait pas se faire que des amis à Wall Street. Obama a donc déclaré que nous allons donc faire en sorte d’éviter que les banques ne fassent des opérations en bourse pour leur propre compte et qu’elles n’atteignent une taille trop importante. La bataille interne au sein de l’administration Obama semble avoir été gagnée par Paul Volcker, l’impressionnant et direct ancien directeur de la Réserve Fédérale qui est, depuis longtemps, très critique de l’innovation financière.

Sans surprise, Goldman Sachs et d’autres institutions de Wall Street sont dubitatifs à propos de ces « règlementations Volcker. » Donc, les républicains au Congrès américain aussi, de même que certains démocrates qui pensent que ce projet vient trop tard et pourrait interférer avec d’autres efforts de réformes en cours, aussi diluées que ces initiatives puissent être. De telles dissensions internes pourraient compromettre la traduction de ces propositions présidentielles en un loi.

Mais la réaction internationale est plus inattendue. L’annonce d’Obama a été reçue plutôt fraichement par les Européens, qui ont perçu son initiative comme un geste unilatéral qui pourrait fragiliser la coordination internationale sur la réglementation financière. L’annonce a été faite sans consultation internationale préalable. Elle semble aussi entrer en violation avec des accords antérieurs de coopération avec d’autres pays du G20, le Bureau de stabilité financière et le Comité de Bâle sur le contrôle bancaire.

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