BONN, OCT. 21 -- Leading Western European governments have laid the bulk of the blame squarely on the Reagan administration for the economic troubles that contributed to the worldwide stock market plunge at the start of this week.

Senior officials in West Germany, Britain and France emphasized that the underlying cause for the panic that shook world markets was Washington's failure to muster the political courage to curb the massive trade and budget deficits afflicting the United States. They also believe that risks of a major world recession will persist as long as the United States avoids the painful remedies needed to turn the deficits around.

This consensus among government officials in major allied capitals is shared by many economists in Europe. While acknowledging that West Germany and Japan should do more to spur their domestic economies, as the United States has urged, economic specialists insist that most of the responsibility for corrective action rests with Washington.

The nose dive on Wall Street on Friday and Monday touched off a global collapse of share prices because markets around the world are strongly influenced by trends in New York. European stock markets, continuing to march in step with the Americans, rebounded today, but there still was widespread concern that the markets could suffer further falls.

French President Francois Mitterrand yesterday delivered an indirect but unmistakable criticism of U.S. economic policies.

"Such a country could, without failing to carry out its duties, overburden its budget deficit, its foreign deficits, attract all the speculative money in the world and cause our societies to be carried off by the smallest wind that comes along," Mitterrand said in Aachen during a state visit to West Germany.

French commentators said there was no doubt that his comments were directed at the United States. They described the statement as unusually blunt, given French leaders' normal desire to avoid public criticism of allies.

In London this morning, a top British official told reporters that the principal problem facing the world economy was, and will remain, the huge U.S. budget deficit.

He said protectionism and unstable currencies also were serious problems, but they were primarily results rather than causes of the world's economic troubles. Japan and West Germany could make some helpful moves, he added, but their role paled in comparison to policy reforms needed in the United States.

Although reluctant to offer a specific prescription for the American economy, the British official said the Americans needed to be seen to be moving in the right direction -- that there had to be a worldwide perception that Reagan's policies were changing.

In this context, he said he was encouraged by reports yesterday that the Reagan administration was willing to consider tax increases to curtail the deficit.

In Bonn, chief government spokesman Friedhelm Ost said the United States had to take the lead in upholding the Louvre Accord, signed in February in Paris, aimed at stabilizing the value of the dollar on world markets.

As part of the six-nation agreement, the United States pledged to reduce its budget deficit, and Japan and West Germany promised to take steps to promote domestic growth. The accord also was signed by Britain, France and Canada.

An important factor contributing to Wall Street's plunge on Friday and Monday was a series of statements by U.S. Treasury Secretary James A. Baker III that West German interest-rate increases violated the spirit of the Louvre pact. Stock and currency traders interpreted Baker's comments as a signal that international economic cooperation was coming to an end.

Yesterday, after an unexpected meeting in Frankfurt on Monday between Baker and senior West German economic officials, West Germany's central bank nudged down short-term interest rates by a small amount to send a signal of compliance with Baker's demands.

Ost announced after a West German Cabinet meeting that it was crucial that commitments under the Louvre Accord be fulfilled.

"This concerns the United States more than anyone else," Ost said. He said West Germany already was meeting its commitments.

West German Finance Minister Gerhard Stoltenberg yesterday cited rising U.S. interest rates and political tensions in the Persian Gulf as the chief causes of the stock markets' worries.

West German officials repeatedly have attributed this year's climb in American interest rates to the need to attract funds to finance the U.S. budget deficit and have criticized Washington for allegedly failing to satisfy its commitment under the Louvre agreement to trim the debt.

Manfred Neumann, a market-oriented economist and director of Bonn University's Institutes for Stabilization and Structural Policy, attributed the stock market declines to worries over the future of U.S. economic policy and disillusionment with what he called "Reaganomics."

"The {U.S.} budget deficit is coming down this year, but this reduction is a one-time affair. This means that the structural deficit will not be reduced until the 1990s," he said.

"Reaganomics was not what we expected. We expected it to be supply-side: deregulation, tax incentives for real investment. But it turned out to be a big machine to increase demand" through deficits, he said. Correspondents Edward Cody in Paris and Karen DeYoung in London contributed to this report.