Pedro Molina

Un règlement financier mondial : une quête illusoire ?

BRUXELLES – Si la crise financière est généralisée, la solution doit, paraît-il, être globale : un meilleur système financier international. Et comme les institutions de Bretton Woods – la Banque mondiale et le Fonds monétaire international – sont au cœur du système financier international, elles doivent faire partie de la solution.

Un système financier international amélioré doit suivre deux lignes d’action principales. La première est d’élargir la portée de la coopération internationale. Ce à quoi le Comité de stabilité financière, dont les pays du G20 entre autres font partie des membres, s’affaire en ce moment.

Une seconde ligne d’action est de renforcer le pouvoir doux des institutions internationales afin d’obtenir des politiques économiques plus cohérentes, surtout pour les économies importantes sur le plan systémique. C’est là que les institutions de Bretton Woods peuvent intervenir directement, notamment le FMI. Suite à la crise asiatique de 1990, un renforcement du FMI a été conclu et le G7 réuni à Cologne en 1999 a mandaté le Fonds pour jouer un rôle de surveillance accrue afin de garantir une meilleure transparence et d’exhorter les pays à procéder à des ajustements précoces lorsque leur balance des paiements n’était pas viable.

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