Infractions monétaires à terme sec

MUNICH – La Cour constitutionnelle allemande a rendu son verdict attendu de longue date sur le programme des opérations monétaires à terme sec (OMT). Depuis son lancement en 2012, le programme des OMT a permis à la BCE d'acheter en cas de besoin des quantités illimitées d'obligations d'État à des pays en difficulté de la zone euro, à condition que les pays touchés se plient aux règles du fonds de sauvetage de l'Europe, le Mécanisme européen de stabilité.

De milliers d'Allemands ont fait appel devant la Cour constitutionnelle contre le programme des OMT, en plaidant qu'il violait l'Article 123 du Traité sur le Fonctionnement de l'Union européenne qui interdit le financement monétaire des gouvernements de la zone euro, en ce qu'il impose des risques importants aux citoyens allemands en tant que contribuables. La Cour a déclaré qu'elle approuve à présent pleinement les arguments des plaignants et que l'OMT viole en effet le droit primaire de l'UE.

Mais au lieu de rendre une décision formelle qui oblige la Bundesbank et le Parlement allemand, comme elle aurait pu le faire, la Cour remis l'affaire à la Cour de Justice pour la décision finale. À première vue, cela peut sembler prometteur pour les marchés, qui s'attendent probablement à ce que la Cour de Justice approuve sans discussion le programme des OMT. Mais les choses ne sont pas si simples.

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