Les institutions globales après la crise

OXFORD – Lorsque Lehman Brothers s’est effondrée et que la crise financière globale a éclaté il y a cinq ans, beaucoup y ont vu une opportunité : la promesse d’une gouvernance économique globale plus efficace. Mais en dépit des initiatives, le monde reste encore très loin d’y parvenir.

Le Financial Stability Board (Conseil de stabilité financière, CSF), établi à la suite du sommet du G20 de Londres en avril 2009, n’a pas de mandat légal ou de pouvoirs coercitifs, ni de processus formels pour inclure tous les pays. Le Fonds Monétaire International attend toujours le doublement de son capital (un autre vœu des premiers temps), alors que ses ressources existantes sont fortement rattachées à l’Europe et que ses réformes de gouvernance sont à l’arrêt. La Banque Mondiale a reçu une modeste augmentation de ressources, mais elle doit encore se donner la capacité de prêter rapidement et globalement, au-delà des emprunteurs et des dispositifs de prêts déjà existants, et la courbe de ses revenus est en baisse.

Il n’a pourtant jamais été aussi urgent d’établir une gouvernance économique globale efficace. Les banques et les autres firmes financières fonctionnent de manière internationale, grandement aidées en cela par des règlementations d’ouverture des marchés ancrées dans les traités commerciaux et d’investissements, mais sans une obligation juridique contraignante de provisionner leurs propres pertes de manière adéquate lorsque les choses tournent mal. Les risques massifs ont plutôt été supposément tenus à distance par des standards volontaires promulgués par un patchwork d’organisations publiques et privées de « normalisation ».

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