Le dangereux conformisme de la pensée économique européenne

FRANCFORT – Lors de la récente audience de la Cour constitutionnelle allemande portant sur les mesures de la Banque centrale européenne (BCE) visant à sauver la zone euro, le président de la Cour, Andreas Vosskuhle, a soulevé une question importante : hormis les Allemands, les économistes condamnent-ils aussi totalement les rachats de titres de dette  (OMT) que l'ont affirmé les experts allemands qui ont témoigné (à l'exception de l'un d'entre eux) ?

Certes, certains économistes allemands (pour ne pas mentionner le gouvernement de la chancelière Angela Merkel) défendent la politique du président de la BCE, Mario Draghi. Néanmoins, l'immense majorité d'entre eux (et peut-être de leurs collègues hollandais et finnois) est de l'avis de ne pas mêler la BCE à la crise de la zone euro. "C'est un problème budgétaire", disent les économistes allemands, "les mesures monétaires ne seront d'aucun secours, au contraire elles ne feront qu'aggraver la situation".

Certes, tout le monde préférerait que la frontière entre politique monétaire et politique budgétaire soit aussi claire qu'elle l'était avant la crise. Mais s'en tenir aveuglement aux principes aurait été un choix à haut risque pour la BCE. Elle aurait alors accepté en 2012 le "risque de redénomination" (l'éclatement de la zone euro en jargon économique).

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