L’Europe selon Draghi

PARIS – Les banquiers centraux s’enorgueillissent parfois d’être ennuyeux. Pas Mario Draghi. Il y a deux ans, en juillet 2012, le président de la Banque centrale européenne avait créé la surprise en annonçant sa volonté de faire « tout le nécessaire » pour sauver l’euro. Les effets de cette annonce furent spectaculaires. Et voici qu’au mois d’août, Draghi a profité du rassemblement annuel des plus grands banquiers centraux à Jackson Hole, dans le Wyoming, pour lancer un nouveau pavé dans la mare.

Cette fois-ci plus analytique, le récent discours de Draghi s’est révélé tout aussi audacieux. Le président de la BCE a choisi son camp dans le débat sur les politiques les plus appropriées de réponse à la stagnation que connaît aujourd’hui la zone euro. Il a souligné qu’en parallèle de réformes structurelles, il était nécessaire d’appuyer la demande globale, et ajouté qu’en la matière, le risque de faire trop peu était clairement inférieur au risque de trop en faire.

Draghi a confirmé que la BCE était prête à apporter sa contribution à la demande globale, et a évoqué les achats d’actifs, ou assouplissement quantitatif, comme des outils nécessaires dans un contexte où anticipations d’inflation sont désormais à un niveau inférieur à l’objectif officiel des 2%.

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