Sean
Membre
j en reviens donc à ma question: too big to fail??? la taille protège t-elle les épargants?
Quelques extraits d'un discours du président de bundesbank le 27 mars 2015 :
The financial sector is unique in that a malfunctioning of this sector impairs the functioning of all other sectors of the economy. And the crisis has served as a stark reminder that a malfunctioning cannot be ruled out. Some form of protection is therefore called for - otherwise, innocent bystanders in the real economy will inevitably get hurt.
But if the issue is one of solvency, then the central bank has no role to play, as taxpayers' money might be ultimately at stake. Rather, it is then for politicians to decide whether to let a bank fail or not.
If banks know that they are too big to fail, they are tempted to make the most of this insurance and take on excessive risks, at the expense of society at large. As the Bank of England's Chief Economist Andy Haldane put it: "Only in banking do control rights and incentive wrongs combine so uncomfortably."
But capital shields against losses only up to a point. And in any case, if the business model is no longer viable, the bank must be allowed to fail - otherwise, incentives are stunted for bank managers to exercise prudence and to improve efficiency.