Paul Lachine

Pourquoi cibler les grandes banques ?

LONDRES  – Il semblait qu’un nouveau modèle de gouvernance globale avait été forgé dans l’incandescence de la crise financière. Mais maintenant que les choses se sont calmées, différentes perspectives sur la régulation bancaire se font jour de part et d’autre de l’Atlantique.

L’Europe se concentre sur la régulation des marchés financiers avec l’objectif de modérer les crises futures. Les erreurs de crédit, dit-on, se font en période d’effervescence, non lors d’un krach. De meilleurs règlementations et politiques monétaires pendant les années d’effervescence pourraient donc minimiser l’ampleur de n’importe quel effondrement.

Aux Etats-Unis, par contre, il s’agit de trouver des moyens qui, tout en restant favorables au marché, permettraient de limiter les débordements générés par les faillites bancaires. Le débat politique aux Etats-Unis se concentre principalement sur comment faire en sorte que les banques ne soient jamais trop grandes pour échouer ; que les investisseurs privés, plutôt que les contribuables, soient ceux qui détiennent un capital libérable et convertissable en actions en cas d’un krach ; et que le fonctionnement des marchés hors cotes soit amélioré par une plus grande dépendance sur un système d’échange, de compensation et d’accords centralisés.

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