European central bank Thomas Lohnes | Stringer via getty images

Les bulles émergentes de l'Europe

MUNICH – Les dernières initiatives de la Banque Centrale Européenne ont choqué de nombreux observateurs. Bien que l'objectif soit clair (éviter la déflation et stimuler la croissance), les mesures en elles-mêmes annoncent une période de grave instabilité.

Les mesures en question comprennent une définition du taux d'intérêt sur les opérations principales de refinancement de la BCE à zéro, une augmentation des achats d'actifs mensuels de 20 milliards d'euros (22,3 milliards de dollars) à 80 milliards d'euros et de pousser davantage le taux d'intérêt sur l'argent des dépôts des banques auprès de la BCE plus loin en territoire négatif à -0,40%. En outre, la BCE a lancé une nouvelle série de quatre opérations ciblées de refinancement à long terme, caractérisées également par des taux d'intérêt négatifs. Les banques reçoivent jusqu'à 0,4% d'intérêt sur le crédit de la BCE qu'elles contractent elles-mêmes, à condition qu'elles le prêtent à des entreprises privées.

Ces mesures sont par essence la dernière série de tentatives de la BCE pour traiter les retombées de l'effondrement de la bulle massive qui s'est formée dans les pays d'Europe méridionale dans les premières années de l'euro. Tout a commencé avec l'annonce de l'introduction de l'euro lors du sommet de l'UE de 1995 à Madrid, qui a causé l'effondrement des taux d'intérêt.

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