Margaret Scott

Finance : des tests toxiques

CAMBRIDGE – Le gouvernement américain autorise les 10 plus grandes banques américaines à rembourser les quelques 70 milliards de dollars de capitaux qui leur ont été prêtés à l'automne. Cette décision fait suite aux ampquot;tests de stressampquot; quant à leur viabilité financière réalisés à la demande du Trésor américain. Un autre élément a également joué : certaines banques ont réussi à lever les capitaux supplémentaires lorsque les tests ont montré que c'était nécessaire.

Beaucoup d'observateurs en ont déduit que les banques américaines - institutions de toute première importance tant pour l'économie américaine que pour l'économie mondiale - sont sorties d'affaire. Mais ce raisonnement est erroné.

Les tests de stress américains n'avaient pas comme objectif l'évaluation des pertes que les banques ont subies sur nombre de leurs ampquot;actifs toxiquesampquot; - actifs qui ont été au cœur de la crise financière. Pourtant le modèle américain fait tache d'huile. Lors d'une rencontre ce mois-ci, les ministres des finances du G8 ont convenu de suivre l'exemple américain et de soumettre leurs propres banques aux tests de stress. Mais pour que ces tests soient fiables, il ne faut pas commettre la même erreur qu'aux USA.

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