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CAMBRIDGE – La Banque centrale européenne (BCE) se dirige lentement mais sûrement vers une politique de relâchement monétaire. La menace de la déflation - et l'inefficacité des mesures prises précédemment - ne lui laissent pas le choix. La question est de savoir si elle pourra agir à temps.
Elle a déjà essayé de faciliter le crédit en achetant des actifs de grande qualité appuyés sur des titres. Elle a acheté des titres appuyés sur des flux de trésorerie provenant de prêts hypothécaires du secteur privé (des obligations adossées sur des actifs) et elle a envisagé d'acheter des obligations privées et des titres émis par la Banque européenne d'investissement.
Il est clair que cela ne suffira pas. Du fait de l'importance des prêts bancaires en Europe et de la perte de confiance dans le marché de la titrisation, le volume des obligations du secteur privé est limité. Accroître l'offre de ces obligations prendra du temps, ce dont les dirigeants européens ne disposent pas.
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