Une seconde chance pour la réforme européenne

MUNICH – La Banque Centre Européenne est parvenue à calmer les marchés en promettant de racheter sans limite les obligations de la zone euro, car cette décision a effectivement rassuré les détenteurs d’obligations sur le fait que les contribuables et les retraités des économies européennes encore saines assumeraient, si nécessaire, le poids du remboursement. La BCE n’a pas précisé les modalités de cet arrangement mais son engagement a aiguisé l’appétit des investisseurs, réduit les écarts de taux d’intérêt dans la zone euro, et rendu possible de financer les économies en crises par la planche à billet.

Ce répit offre une opportunité idéale pour avancer sur les réformes. Le Premier ministre de la Grèce Antonis Samaras doit convaincre ses compatriotes de sa détermination à les mettre en œuvre. Le Premier ministre de l’Espagne Mariano Rajoy et le ministre des Finances portugais Vitor Gaspar méritent d’être soutenus dans leurs actions. Et l’on ne peut qu’espérer que le Premier ministre italien par intérim Mario Monti sera candidat aux prochaines élections législatives. Ces dirigeants savent tous ce qui doit être fait.

La France, par contre, ne semble pas avoir pris conscience de la situation. Le Président François Hollande veut résoudre les problèmes de son pays avec des programmes de relance de la croissance. Mais lorsque les hommes politiques disent « croissance, » ils veulent dire « emprunt ». C’est bien la dernière chose dont la France a besoin.

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