Paul Lachine

Les chemins tortueux de la réforme financière

BRUXELLES – Il y a deux ans, les gouvernements sont intervenus pour sauver la peau des marchés financiers. Et pourtant ces mêmes marchés effrayent aujourd’hui les gouvernements, du moins certains d’entre eux.

En Europe, le marché pour la dette grecque est bloqué et l’écart de rendement des dettes irlandaises et allemandes s’est récemment creusé de manière inquiétante. L’Espagne est parvenue à réduire son écart de rendement par rapport à l’Allemagne, mais au prix d’une volte-face politique. Le Portugal a annoncé des mesures d’austérité draconiennes, en espérant un effet identique. Mais alors même qu’ils ne risquent pas de perdre leur accès au marché obligataire, la plupart des gouvernements des pays développés attendent nerveusement le verdict des mêmes agences de notations qu’ils vilipendaient il y a peu.

Ce revirement est choquant. Pour l’opinion publique, tout laisse à penser que les acteurs arrogants des marchés financiers n’ont rien appris, alimentant l’impression que rien n’a changé – sauf pour le pire. Les gouvernements, dont le mandat est de contrôler les marchés financiers, semblent avoir produit beaucoup de bruit inutile, mais peu de réformes. Que ce soit voulu ou non, les autorités de réglementation semblent avoir manqué leur chance de mettre en ouvre de sérieuses modifications des règles de la finance mondiale et les gouvernements sont aujourd’hui tellement affaiblis qu’ils sont à la merci de ceux qui, il y a peu, imploraient leur aide.

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