Les derniers jours du dollar ?

CAMBRIDGE – Zhou Xiaochuan, gouverneur de la Banque Populaire de Chine, a récemment suggéré que le remplacement du dollar par les Droits de Tirage Spéciaux (DTS) du Fonds Monétaire International comme monnaie de réserve dominante pourrait contribuer à une plus grande stabilité du système financier international. Il semblerait que l’idée de réformer le système par l’introduction d’une monnaie de réserve supranationale soit aussi soutenue par la Russie et par d’autres marchés émergeants. Un comité consultatif des Nations Unies présidé par le prix Nobel Joseph Stiglitz a aussi plaidé en faveur d’une nouvelle monnaie de réserve mondiale, éventuellement basée sur les DTS.

Remplacer le dollar au profit d’un système basé sur les DST constituerait une rupture majeure avec une politique décidée il y a plus de 60 ans. Les DTS furent créés il y a 40 ans afin de palier à un niveau inadapté de réserves mondiales et ont été consacrés par la suite comme la future principale réserve d’actif par modification des statuts du FMI.   

Mais le dollar a rapidement inondé le monde. Et plutôt que de devenir la principale monnaie de réserve, la proportion de DTS dans les réserves mondiales s’est réduite à une portion congrue, devenant ainsi l’équivalent monétaire de l’Esperanto.  

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