Les politiques publiques face a l’ imperfection de la politique monétaire et les crises financieres

Abstract EN

The current financial crisis is an opportunity for many commentators to sing the usual refrain about the chronic instability of capitalism and the need for stronger market regulation which is also called, erroneously, regulation of financial markets.

It was quite a different lesson that we should draw from the current crisis, namely that better regulation through the free functioning of markets, not regulation.

The financial crisis has affected not only financial institutions but also public authorities at all levels, businesses and consumers worldwide.

Its impact is global; it is not only economic but also political, social, environmental, and concerns all sectors, from health to education.

One of the worst consequences of this crisis is the loss of public confidence in the financial system underpinning the economy.

This confidence must be restored.

The bottom line is that the impact of the crisis are managed wisely , that governments and central banks respond to the crisis by doing everything possible in a coordinated way , to mitigate its effects.

Several thorny dilemmas are already asking : how far public authorities should they go to save the threatened bankruptcy of enterprises, using for this taxpayer money and indebting future generations? What should governments do to protect the interests of all those who have invested in foreign companies established on their territory when they encounter difficulties? Is there a risk that themselves stimulus weaken even more the financial system and the economy?