Le G20 et le contrôle des capitaux

NEW-YORK – En tant que président et hôte du sommet du G20 à Cannes les 3 et 4 novembre, Nicolas Sarkozy a invité le FMI à créer un code de conduite pour le contrôle des capitaux (ce que nous appelons "réglementation des comptes de capitaux") au sein de l'économie mondiale. Le FMI a réagi en publiant un ensemble de directives en avril dernier.

Etrangement, la réglementation des flux de capitaux transfrontaliers ne figure pas dans le programme de discussion du G20 qui vise pourtant à renforcer la réglementation financière. Pourtant ces flux sont une cause essentielle de la volatilité financière qui avait incité à plus de réglementation. Le FMI a montré que les pays ayant le plus de réglementation en matière de comptes de capitaux sont parmi ceux qui ont le moins souffert au pire moment de la crise financière mondiale. Le Fonds reconnaît depuis 2009 que cette réglementation facilite la gestion de flux massifs de capitaux spéculatifs vers les pays émergents et il recommande même son adoption.

Ses directives sont un pas dans la bonne direction, mais elles présentent des défauts. Il est donc préférable que le G20 ne les adopte pas, alors que l'économie mondiale essaie de redémarrer à l'issue de la crise tout en essayant de parer à une rechute.

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