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Allemagne : un fétiche budgétaire qui coûte cher

FRANCFORT – La Banque centrale européenne (BCE) fait l’objet d’attaques virulentes en Allemagne, un pays qui s’est longtemps honoré de défendre le principe de l’indépendance de la banque centrale. C’est d’ailleurs l’Allemagne qui a tenu à ce que ce principe soit intégré aux critères énoncés par le traité de Maastricht, qui fixent les conditions d’appartenance à l’Union monétaire européenne.

Pour de nombreux membres de l’Union économique et monétaire (UEM), la décision d’octroyer l’indépendance à leur banque centrale afin de rejoindre la zone euro impliquait un changement de régime politique. Ainsi l’indépendance de la Banque de France, lors du référendum de ratification du traité de Maastricht, en 1992, fut-elle l’un des arguments les plus forts de la campagne contre l’adhésion à l’euro.

Dans l’Allemagne d’aujourd’hui, en revanche, c’est devenu monnaie courante, si l’on peut dire, de faire pression sur la banque centrale. Depuis quelques mois, même le ministre des Finances, Wolgang Schaüble commente régulièrement la politique monétaire de la Banque centrale européenne (BCE).

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