Goldman Sachs Steven Mnuchin sworn in Alex Wong/Getty Images

Le retour prochain de la flambée financière

WASHINGTON, DC – Début 2007, apparaissait la plus grave crise financière survenue en 80 ans, avec en point culminant 18 mois plus tard l’effondrement de Lehman Brothers et la propagation d’ondes de choc ressenties dans le monde entier. Un certain nombre de mesures gouvernementales désespérées nous ont permis d’éviter une nouvelle version de la Grande dépression, les dirigeants promettant de ne « plus jamais » avoir à affronter de tels risques. Responsables politiques et banques centrales ont pour cela amorcé un vaste processus de réformes nationales et de coordination internationale – le tout visant à réduire le risque d’un effondrement des très grandes banques.

Dix ans plus tard, et grâce à ces efforts, le système financier international est à certains égards plus sécurisé. Sur d’autres aspects, en revanche, la structure n’a pas véritablement évolué – et pourrait même être devenue plus fragile. Or, plutôt que de parfaire le processus de réforme, les dirigeants politiques des deux côtés de l’Atlantique semblent déterminés à défaire la plupart des mesures qui sous-tendent les progrès accomplis.

La décennie passée a vu s’opérer trois évolutions majeures. Tout d’abord, un certain nombre de sociétés financières ont fait faillite, et cela pour de bonnes raisons : soit leur modèle financier était défaillant, soit les sociétés concernées étaient mal gérées, voire une combinaison des deux. Dans le même temps, celles des sociétés financières qui s’avéraient plus solides ont gagné en part de marché.

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