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Les banques centrales dans l'impasse

NEW HAVEN – Le dernier jour d'été a marqué le début d'une nouvelle saison de décisions aberrantes de la part de deux grandes banques centrales, celles des USA et du Japon : la Fed (Réserve fédérale américaine) et la BoJ (Banque du Japon). La Fed n'a rien fait, ce qui est précisément le problème. Quant aux alchimistes de la BoJ, ils ont dévoilé un nouveau stratagème des plus médiocres constitué de mesures non orthodoxes inefficaces.

La Fed et la BoJ poursuivent une stratégie totalement déconnectée des économies dont elles ont la responsabilité. Leurs dernières décisions renforcent un mécanisme de transmission insidieux entre politique monétaire, marchés financiers et économies dépendantes des actifs financiers. Cette stratégie a conduit à la crise de 2008-2009 et elle pourrait bien semer les grains d'une prochaine crise.

Le débat sur l'efficacité des nouveaux outils puissants que les banques centrales ont ajoutés à leur arsenal a fait perdre de vue la dure réalité : la croissance reste anémique. Le Japon en est un exemple évident. Prisonnière d'une croissance de l'ordre de 1% depuis 25 ans, son économie n'a pas réagi aux différentes mesures de stimulation monétaire, même les plus extrêmes.

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