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.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/ceWlvgw/fr;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now