Barrie Maguire

Comment sauver l’euro

BRUSSELS – L’Union européenne doit revenir sur un point de constitutionnalité. L’euro n’était pas né que déjà, les pères de l’UEM (Union économique et monétaire), inquiets pour sa stabilité, prédisaient que le laxisme budgétaire en serait le grand ennemi. Les Etats membres de la zone euro n’ont jamais voulu renoncer, malgré cela, à leur souveraineté fiscale.

Assorti de la fameuse clause de non-refinancement (“no bailout”) du Traité de Maastricht, le Pacte de stabilité et de croissance était censé résoudre cette difficulté. Le Traité avait pour objectif d’imposer une discipline de marché, le Pacte, celui de veiller à la stabilité financière, en maintenant les déficits publics en deçà d’une limite infranchissable.

Ni l’un ni l’autre n’a répondu à ces objectifs. Les déficits se sont approfondis et la clause de non-refinancement s’est vue recalée dès la première épreuve, la crise grecque. Le 11 février, les chefs d’Etat et de gouvernement de l’Union européenne déclaraient officiellement: “Les Etats membres de la zone euro prendront des mesures déterminées et coordonnées, si nécessaire, pour préserver la stabilité financière de la zone euro dans son ensemble”.

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