La fuite de capitaux d’Italie

MUNICH – Au mois d’aout, la crise européenne de balance des paiements s’est déplacée au-delà de la périphérie de la zone euro pour commencer à secouer l’Italie. Les spreads de taux d’intérêt sur les obligations d’Etat italiennes ont commencé à s’élever, l’administration du premier ministre Silvio Berlusconi a pris suffisamment peur que pour mettre en ouvre un programme d’austérité et la Banque Centrale Européenne est venue à l’aide en apportant davantage de liquidité.

La BCE a ordonné aux banques centrales de tous les pays membres de la zone euro d’acheter d’énormes quantités d’obligations d’Etat italiennes durant la crise. Bien que les banques centrales nationales n’aient pas révélé le montant de leurs achats, le stock total d’achats d’obligations d’Etat est passé de 74 milliards d’euros (102 milliards de dollars) le 4 aout à 165 milliards d’euros ce mois-ci. La plus grande partie de cette augmentation provient sans doute de l’achat d’obligations italiennes.

La Bundesbank allemande, qui a été forcée d’acheter la plupart des obligations, s’est fortement opposée au programme mais n’a pas pu l’arrêter. En réaction, le Chief Economist de la BCE Jürgen Stark a posé sa démission. Il faisait suite au Président de la Bundesbank Axel Weber, qui avait démissionné en février à cause des rachats d’obligations précédents. Entretemps, le nouveau Président de la Bundesbank, Jens Weidmann, avait ouvertement protesté contre le programme, alors que le Président allemand Christian Wulff avait accusé publiquement la BCE de contourner le Traité de Maastricht.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.

    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?

    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now