Attention aux déséquilibres intra-européens !

BRUXELLES – Les dirigeants du G20 veulent éviter une dévaluation compétitive, autrement dit une guerre des devises. Il faut selon eux contrôler et peut-être combattre de manière coordonnée des déséquilibres extérieurs excessifs.

Cette déclaration semble un peu tiède, mais il y a de bonnes raisons d'adopter une attitude innovante face à ces problèmes. D'une part il n'existe pas d'instruments pour veiller à l'application de règles strictes au niveau mondial, d'autre part la réduction des déséquilibres mondiaux pourrait n'être qu'une question de temps si intervient une réévaluation du renminbi et si la Chine adopte un modèle de croissance fondé sur une demande intérieure plus forte.

Mais les déséquilibres intra-européens constituent un problème bien plus compliqué. En considérant les 27 membres de l'UE comme une entité unique, le G20 a décidé de ne pas le traiter. Défini ainsi, le problème disparaît, car le déficit des comptes courants de l'UE prise comme un tout ne représente que 0,35% de son PIB, alors que les pays membres ont des positions externes très différentes les uns des autres.

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