Renforçons le FMI !

WASHINGTON – A l'occasion du sommet du G20 à Pittsburgh, les dirigeants des pays les plus riches de la planète vont faire le bilan des mesures de relance économique et envisager la manière de coordonner la stratégie de sortie de ces mesures. Ils devront renforcer les directives internationales en matière de capital pour les grandes banques multinationales et traiter la question du système d'incitations perverses qui a conduit à des prises de risque irresponsables dans le secteur financier. Mais la décision la plus marquante qu'ils pourraient prendre serait d'élargir le mandat du Fonds monétaire international (FMI) une fois la crise passée.

Durant la crise, le FMI s'est montré plus utile qu'il ne l'a jamais été. Il a participé avec efficacité à la coordination des plans de relance budgétaire et monétaire, contribuant à éviter un cycle d'effondrements successifs. Ses ressources ont triplé, ce qui lui a permis d'aider des pays aussi différents que l'Islande, le Pakistan et l'Ukraine qui étaient coupés des marchés financiers internationaux. Il a également aidé des pays à faibles revenus avec des prêts importants, et pour la première fois à taux d'intérêt zéro.

Le G20 a fait preuve de leadership en apportant son soutien politique et financier à cette évolution, ce à quoi le FMI a répondu rapidement. Néanmoins, cet élan politique pourrait se dissiper à la faveur de la reprise à petit pas de l'économie mondiale. Ce serait une grosse erreur que de rester les bras croisés face à cette situation. La crise a montré que l'interdépendance économique est devenue telle qu'une coordination des politiques économiques est inévitable. Il faut donner au FMI un mandat clair qui lui donne les moyens nécessaires pour intervenir afin d'empêcher que de telles crises ne se reproduisent.

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