Règlementations globales du capital

CAMBRIDGE - C'est officiel. Le Fonds Monétaire International a approuvé les contrôles de capitaux, légitimant donc l'utilisation de taxes et d’autres restrictions sur les flux financiers transfrontières.

Il n'y a pas si longtemps, le FMI avait fortement encouragé les pays - riches ou pauvres - à s'ouvrir à la finance internationale. Il a aujourd'hui admis que la globalisation financière peut être perturbatrice - entrainant dans son sillage crises financières et mouvements de devises économiquement dangereux.

Nous voici donc devant un nouveau rebondissement dans la saga sans fin de notre relation ‘je t’aime, moi non plus’ vis à vis des contrôles de capitaux.
Sous l’ère de l’étalon or qui a prévalu jusqu'en 1914, la libre circulation des capitaux était sacrosainte. Mais les turbulences de l'entre-deux-guerres en ont persuadé beaucoup – et non des moindres en la personne de John Maynard Keynes - qu'un compte de capital ouvert est incompatible avec la stabilité économique. Le nouveau consensus s'est traduit pas l'accord de Bretton Woods de 1944, qui a entériné les contrôles de capitaux dans les statuts du FMI. Comme l'avait déclaré Keynes à l'époque: "Ce qui était considéré comme une hérésie devient l'orthodoxie."

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