After the financial crisis
Translated from Jean-Paul Betbèze, "Les leçons de la crise financière", Revue Etudes, Mars 2010.
One can always think that lessons are going to be drawn from this crisis enlightning problems to be faced and new challenges to be considered. Indeed, nothing new will be possible without more saving in the United States, whithout more consuming in China; in other words United-States will have to accept a lower growth and China will have to think an economic growth outside of pure mercantilism. Nothing will ever be possible without a finer and faster control of the trade conditions of all goods and services; and at the first place, without the end of China's fixed rate with the US dollar. A tripolar world has been emerging, Asia, United-States, Europe: three currencies are needed. This world must be more and better monitored, with the commitment that: a) the rules will be stabilizing for everybody, and b) financial actors will be closely controlled by relevant and cooperating regulators.
One can always think that lessons are going to be drawn from this crisis enlightning problems to be faced and new challenges to be considered. Indeed, nothing new will be possible without more saving in the United States, whithout more consuming in China; in other words United-States will have to accept a lower growth and China will have to think an economic growth outside of pure mercantilism. Nothing will ever be possible without a finer and faster control of the trade conditions of all goods and services; and at the first place, without the end of China's fixed rate with the US dollar. A tripolar world has been emerging, Asia, United-States, Europe: three currencies are needed. This world must be more and better monitored, with the commitment that: a) the rules will be stabilizing for everybody, and b) financial actors will be closely controlled by relevant and cooperating regulators.
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