Le FMI doit veiller à la stabilité des marchés financiers mondiaux

Le désordre actuel des marchés financiers a révélé leurs faiblesses dans le système financier mondial. Beaucoup de ces faiblesses étaient connues, mais ce n'est pas pour autant que l'on y a remédié. Cette passivité traduit la complexité croissante de ce système et ses liens avec d'autres domaines, ainsi que l'absence d'ancrage efficace permettant d'assurer la stabilité financière. Les principales banques centrales ont restauré la confiance des marchés financiers en injectant des liquidités. Si cette mesure paraît avoir été efficace, il reste à se demander si cette tourmente aurait pu être évitée ou son impact amorti.

Le FMI joue un rôle important en raison de sa perspective très large, englobant à la fois les économies avancées et celles qui sont émergentes ou en développement, qui s'intègrent de plus en plus dans le système financier mondial. Par ailleurs, il ne se focalise pas sur les marchés financiers per se et il a une expertise unique quant aux liens entre l'économie réelle et la situation financière. Enfin, sa perspective est universelle, ouverte sur l'ensemble des secteurs et des marchés.

Jusqu'à présent le Fond n'a pas exploité sa position unique, car il a souvent manqué d'initiative, n'a pas suffisamment donné de messages clairs et de recommandations à ses membres. Mais la tourmente financière actuelle montre la réglementation et à la surveillance des marchés présentent des lacunes et que des interactions au niveau mondial, encore mal comprises, demandent une réponse globale.

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