Le nouvel Échec du FMI

Six années se sont écoulées depuis la réunion fatidique du FMI à Hongkong, juste avant la crise financière mondiale. J'y participais. Quelle réunion ce fut ! Pour les observateurs attentifs, il apparaissait clairement qu'une crise se préparait. La libéralisation des marchés financiers était la grande responsable, ayant exposé certains pays aux caprices des mouvements de capitaux internationaux : aussi bien à un pessimisme et un optimisme irrationnels, sans parler des manipulations des spéculateurs.

Pourtant le FMI faisait encore pression pour modifier sa charte afin de forcer certains pays à libéraliser leurs marchés financiers, restant fermé aux preuves que cela ne menait pas à une amélioration de la croissance ou des investissements plus importants mais seulement à plus d'instabilité. Les crises qui s'en suivirent plus tard cette année-là sapèrent la confiance dans le FMI et menèrent à des discussions sur la « réforme de l'architecture financière internationale ».

Aujourd'hui, six ans plus tard, on peut affirmer que ces discussions n'ont pas amené de grands changements. Certains suggèrent que le joli vocable de « réforme de l'architecture financière internationale » en était une preuve accablante. Le Trésor américain et le FMI savaient, ou du moins espéraient, qu'avec la fin de la crise, l'attention internationale se porterait ailleurs. Bien qu'ils aient eu tort sur la ligne à adopter pendant la crise, ils avaient raison sur ce point-là.

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