“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

No, the IMF is not proposing to tax 10% of global savings to deal with the coronavirus crisis

This proposal, widely shared on social networks, was formulated by the International Monetary Fund (IMF) in a report in October 2013. It aimed to resolve the banking and financial crisis of 2008.
 
This proposal, widely shared on social networks, was formulated by the International Monetary Fund (IMF) in a report in October 2013. It aimed to resolve the banking and financial crisis of 2008.

"The IMF suggests, for example, that to pay off all these debts, we take 10% of everyone's savings." This sentence by BFMTV economic editorialist Emmanuel Lechypre, speaking about the economic crisis caused by the coronavirus pandemic, caused a reaction on social networks. This statement has been shared thousands of times on Twitter and Facebook since Sunday May 10. However, this is an old proposal from the International Monetary Fund, dating from 2013 and obviously not concerning the current crisis. The Franceinfo False True Unit explains it to you.

A proposal dating from 2013

The idea mentioned by Emmanuel Lechypre was put forward by the International Monetary Fund in a report in October 2013. The editorialist of BFMTV confirmed to franceinfo to rely on this report to support his reasoning. But this proposal was made to resolve the 2008 banking and financial crisis. In the document in question, page 49, IMF economists questioned the possibility of a one-time capital levy at the time. The aim is to bring the eurozone countries back to their pre-2007 debt ratio. They believe that a single levy of 10%, on average, can solve the problem. According to their demonstration, it would apply to all households that have assets, while taking into account their debts. In addition, this calculation covers only 15 countries in the euro zone, which had 17 in 2013.



The Ministry of the Economy opposed to this proposal

For its part, the Ministry of Economy and Finance explains having seen many rumors about a possible taxation of savings. However, he insists that "he will not tax French savings at all". The ministry headed by Bruno Le Maire also explains that "even if it was part of the IMF recommendations, [France is] not obliged to follow them". Bercy indicates that its objective is "to support demand" to revive the national economy. Contacted by franceinfo, the International Monetary Fund, meanwhile, confirms that it has not made a statement to this effect to deal with the current economic crisis, linked to the coronavirus.