Les banques centrales et la question du bilan

MUNICH – Partout dans le monde, les bilans des banques centrales deviennent un sujet de préoccupation de plus en plus grave, notamment pour les autorités monétaires elles-mêmes. Lorsque la Banque nationale suisse (SNB) a abandonné son taux de change indexé le mois dernier, provoquant ainsi une envolée du franc à un taux vertigineux de 20%, elle a eu l'air d'agir de peur de subir des pertes sur ses bilans, si elle a continuait à acheter des euros et d'autres devises.

De même les détracteurs de la décision de se lancer dans l'assouplissement quantitatif dans la zone euro craignent que la Banque centrale européenne ne soit dangereusement exposée à des pertes sur les obligations d'État des membres du Sud de la zone euro. Cela a incité le Conseil de la BCE à laisser 80% de ces achats d'obligations sur les bilans des banques centrales nationales, où ils seront sous la responsabilité des gouvernements nationaux.

Aux États-Unis pendant ce temps-là, le mouvement « Audit the Fed » est de retour. Motivés par la croissance des actifs et du passif de la Réserve fédérale, les Républicains ont présenté des projets de loi aux deux chambres du Congrès afin d'exiger que la Fed révèle plus d'informations sur ses opérations monétaires et financières.

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