L’angoisse de la réforme bancaire

WASHINGTON – Près de cinq ans après la pire crise financière depuis les années 30, et trois ans après l’adoption des réformes financières Dodd-Frank aux Etats-Unis, une question reste présente à l’esprit de tous : pourquoi avons-nous si peu avancé ?

De nouvelles règles ont été promises, mais peu d’entre elles ont effectivement été instaurées. Il n’existe pas encore de « règle Volcker » (limitant la capacité des banques à négocier pour leur compte propre), les règles pour les produits dérivés sont encore à l’étude, et les fonds opérant sur les marchés monétaires n’ont toujours pas été réformés. Pire encore, nos plus grandes banques sont devenues encore plus grandes. Il ne se trouve aucun signe permettant de penser qu’elles ont abandonné leur structure d’incitation encourageant les prises de risques excessives. Et les importantes distorsions résultant du fait d’être « trop grande pour faire faillite » menacent de nombreuses économies.

Trois éléments peuvent expliquer ce problème. D’une part, toute réforme financière est intrinsèquement compliquée. Mais bien que de nombreux détails techniques nécessitent d’être éclairés, des individus parmi les plus brillants travaillent dans les agences de régulation pertinentes. Ils sont plus que capables de rédiger et de faire appliquer les règles – enfin, lorsque c’est véritablement ce qu’on leur demande de faire.

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