La baisse des taux aujourd’hui, l’épargne demain

WASHINGTON, DC – Les grandes banques centrales mondiales ont enfin réagi à la crise financière globale en abaissant simultanément leurs taux directeurs d’un demi-point. Cette décision est bienvenue, mais des baisses supplémentaires sont nécessaires – et rapidement. Une baisse plus importante des taux directeurs, appliquée aujourd’hui, pourra encore avoir une influence positive considérable. Remise à plus tard, elle n’aura sans doute qu’un effet minime.

Dans l’ensemble, les banquiers centraux mondiaux ont tardé à réagir à l’aggravation de la crise. Leur contre-performance est le reflet de la prédominance d’un point de vue économique conventionnel, qui s’est traduit par une pensée collective étroite au sein de la communauté financière mondiale. Les banques centrales n’ont en conséquence pas vu venir le tsunami financier et même après qu’il ait frappé, ont continué à livrer leur combat d’arrière-garde contre l’inflation.

Comme les banquiers centraux européens, obsédés par l’inflation, sont les tenants les plus déterminés d’un credo économique conventionnel, la Banque centrale européenne et la Banque d’Angleterre ont sans surprise été les plus bornées. Leur attitude explique également pourquoi l’Europe continentale a des taux de chômage aussi élevés, depuis aussi longtemps.

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