Le choix de l'Allemagne

FRANCFORT – La crise de l'euro a d’ores et déjà transformé une Union européenne initialement destinée à constituer une association volontaire d'États égaux en un périmètre de relations créancier-débiteur dont il est désormais difficile de s’extraire. Les pays créditeurs risqueraient des pertes financières considérables si jamais l’un des États membre venait à quitter l’union monétaire ; et pourtant, les pays débiteurs sont soumis à des politiques qui accentuent leur récession, alourdissent le fardeau de leur dette, et perpétuent leur position de subordonnés. La crise menace ainsi aujourd’hui de détruire l’UE elle-même. Il s’agirait d’une tragédie d’ampleur historique, que seul le leadership allemand peut empêcher.

Les causes de la crise ne peuvent être pleinement comprises si nous n'admettons pas la défaillance fondamentale de l'euro : en créant une banque centrale indépendante, les États membres sont devenus endettés dans une monnaie qu’ils ne contrôlent pas. Initialement, autorités et acteurs du marché considéraient l'ensemble des obligations étatiques comme non risquées, incitant de manière perverse les banques à privilégier les obligations les plus fragiles. Lorsque la crise grecque a fait apparaître le spectre du défaut, les marchés financiers ont réagi par vengeance, reléguant les membres les plus lourdement endettés de la zone euro au statut de pays du Tiers monde surendettés dans une monnaie étrangère. Par la suite, les États membres lourdement endettés ont été traités comme seuls responsables de leur malheur, et le défaut structurel de l'euro n'a pas été corrigé.

Une fois ces problématiques comprises, la solution émerge quasiment d'elle-même. Cette solution peut être résumée en un mot : les euro-bonds.

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