Paul Lachine

La Gouvernance Economique dont l’UE a besoin

BRUXELLES – Il y a deux leçons à tirer de la crise financière européenne. D’abord, lorsque la monnaie unique est sous pression, rien ne peut se substituer à une action coordonnée prise au bon moment. Ensuite, tous les pays de la zone euro sont en réalité dans le même bateau. Si le bateau prend l’eau, tout le monde coule.

Une réponse plus rapide et davantage concertée aurait pu limiter les répercussions de la crise, et donc son coût. Le Fonds Européen de Stabilité Financière (FESF), mis en place à la hâte en mai 2010 afin de tenter de redresser la situation, sera bientôt en mesure de mobiliser 500 milliards d’euros en cas de graves problèmes de liquidité de tout autre pays de la zone euro. Les états membres de la zone euro se sont aussi mis d’accord pour perpétuer ce mécanisme de stabilité financière au-delà de 2013, et même pour amender le traité de Lisbonne afin d’éviter toute ambigüité légale.

Malgré tout cela, les marchés ne sont toujours pas convaincus par les démonstrations de solidarité la zone euro. La dette souveraine de la Grèce a été dégradée en dessous de celle de l’Egypte. Le Portugal a eu besoin de l’aide de FESF et du Fonds Monétaire International. Les banques irlandaises ont apparemment besoin de 24 milliards d’euros supplémentaires afin de se maintenir à flot. Et l’Espagne tente désespérément d’éviter la contagion.

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