Dean Rohrer

Qui devrait diriger le FMI ?

BERKELEY – Nombreux sont ceux qui pensent que le Fond Monétaire International a traversé une bonne crise. Il y a seulement trois ans, beaucoup d’observateurs estimaient que le Fond n’avait plus d’utilité et devait être fermé. Depuis, il est intervenu en Hongrie, en Lituanie, en Islande et en Ukraine, entre autres pays frappés par la crise, et a bénéficié d’importantes nouvelles ressources.

Ce retour d’affection vis-à-vis du Fond s’explique en partie par sa récente démonstration de flexibilité intellectuelle – une vertu rare pour une bureaucratie imposante et lourde. L’institution est revenue sur son opposition traditionnelle au contrôle de capitaux : elle a suggéré que les banques centrales envisagent des objectifs d’inflation plus élevé afin d’éviter la zone zéro en cas de chocs déflationnistes. Ceci a attiré l’ire de la Bundesbank allemande – une preuve qu’elle est dans le vrai.

Le FMI a aussi mis en place une Ligne de Crédit Flexible pour débloquer les fonds plus rapidement – et sans condition financière – aux pays confrontés à des tourmentes financières qui ne sont pas de leur fait. Mais malgré une appellation séduisante, cette nouvelle facilité n’a éveillé que peu d’intérêt, aucun en Asie en particulier.

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