Le FMI doit se mettre à jour sur les contrôles de capitaux

CAMBRIDGE – D’où vient que le Fonds monétaire international suscite autant d’antipathie chez des gens comme moi?

Depuis que la crise est là, le FMI a dit et fait tout ce qu’il fallait dire et faire. Il a agi avec toute la rapidité dont une bureaucratie internationale est capable pour ouvrir des lignes de crédit aux marchés émergents exsangues. Il a mis ses conditions de prêt en harmonie avec les circonstances. Avec Dominique Strauss-Kahn, qui en est le talentueux directeur général, et Olivier Blanchard, un éminent économiste en chef, le Fonds a fait entendre un peu de raison sur la relance budgétaire mondiale, au milieu de la cacophonie ambiante. Pour une institution quasiment frappée d’obsolescence il y a encore peu, c’est une véritable métamorphose.

Mais voilà que Strauss-Kahn joue les rabat-joie face aux volontés de taxer les flux de capitaux spéculatifs. Les mesures prises par le Brésil de taxer les entrées de capitaux à court terme de 2%, afin d’éviter la formation d’une bulle boursière et de freiner la progression de sa devise, lui en ont fourni l’occasion. Interrogé sur ce qu’il pensait des contrôles de capitaux, Strauss-Kahn a répondu qu’il n’était marié à aucune doctrine stricte dans ce domaine, mais on a pu lire dans le Financial Times que “le FMI tendait à les déconseiller et à ne pas les imposer comme norme – à cause des coûts qu’ils engendraient et de leur inefficacité dans la plupart des cas.” Là, le nouvel FMI nous rappelle un peu trop l’ancien.

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