Paul Lachine

La troïka européenne doit grandir

PARIS – Début 2010, un groupe d'hommes (et quelques femmes) en costumes sombres avaient atterri à Athènes. Ils appartenaient à une institution mondiale, le Fonds monétaire international, et à deux institutions régionales, la Commission européenne et la Banque centrale européenne. Leur mission était de négocier les termes et conditions d'un plan de sauvetage financier pour la Grèce. Quelques mois plus tard, ce groupe, entre temps mieux connu sous le nom de « troïka », a été envoyé en Irlande, puis au Portugal, et plus tard à Chypre.

Ce processus était appelé à produire de graves conséquences. La troïka a négocié ce qui a fini par devenir les plus gros programmes d'aide financière de l’histoire : les prêts accordés à la Grèce par le FMI et les partenaires européens devraient atteindre 240 milliards d’euros (310 milliards de dollars), soit 130% du PIB du pays en 2013 – largement plus que tout pays n’ait jamais reçu, que ce soit en termes absolus ou relatifs. Les prêts à l'Irlande (85 milliards d’euros) et au Portugal (78 milliards d’euros) sont également significativement plus grands que ceux habituellement fournis par le FMI.

En outre, la coopération entre les trois institutions est également inédite. En 1997-1998, lors de la crise asiatique, le G-7 avait catégoriquement rejeté la proposition du Japon d'un Fonds monétaire asiatique. Cette fois, le FMI a même accepté un rôle de prêteur minoritaire, alors que le gros de l'aide provient du Mécanisme européen de stabilité (MES), une nouvelle institution souvent perçue comme un Fonds monétaire européen embryonnaire.

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