Le budget fictif de l'Europe

MUNICH – De nouveaux détails sur le plan d'investissement de la Commission européenne (315 milliards d'euros (390 milliards de dollars) pour 2015-2017 ont été finalement révélés. Ce programme, annoncé par le président de la Commission Européenne Jean-Claude Juncker en novembre, représente un énorme budget fictif, deux fois supérieur au budget annuel officiel de l'Union européenne, qui va financer les projets d'investissements publics et va finalement aider les gouvernements à contourner les limites d'endettement établies dans le Pacte de Stabilité et de Croissance.

L'emprunt sera organisé par le nouveau Fonds Européen d'Investissement Stratégique (EFSI), sous l'égide de la Banque Européenne d'Investissement. L'EFSI sera doté de 5 milliards d'euros de financement de démarrage, produits par la réévaluation des actifs existants de la BEI et sera soutenu par 16 milliards d'euros de garanties de la Commission européenne. Le fonds devrait en profiter pour acquérir près de 63 milliards d'euros en prêts, avec des investisseurs privés contribuant par la suite pour chaque tranche de 5 milliards d'euros prêtés, ce qui porte l'investissement total à un objectif de 315 milliards d'euros.

Même si les pays de l'UE ne doivent pas contribuer en fonds réels, ils doivent fournir des garanties implicites et explicites aux investisseurs privés, dans un arrangement qui ressemble étrangement à une obligation solidaire incarnée par des euro-obligations. Face au rejet catégorique des euro-obligations par la Chancelière allemande Angela Merkel, l'UE a engagé une horde de spécialistes financiers pour trouver une façon créative de le contourner. D'où l'invention de l'EFSI.

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