Frapper monnaie à bon escient

BERLIN/SOUTHAMPTON – Le mois dernier, les pays du BRICS (Brésil, Russie, Inde, Chine, et Afrique du Sud) ont annoncé la fondation de leur propre banque de développement, censée réduire leur dépendance vis-à-vis de la Banque mondiale dominée par l'Occident, centrée sur le dollar et sur le Fonds Monétaire International. Ces économies bénéficieront d'une meilleure politique monétaire et d'une meilleure flexibilité. Mais elles ne doivent pas négliger les précieuses leçons tirées des récentes innovations des mesures monétaires adoptées par les banques centrales des pays les plus avancés.

En juin, la Banque centrale européenne, suivant l'exemple donné par la Banque d'Angleterre en 2012, a reconnu un « emprunt bancaire pour l'économie réelle » comme un nouvel objectif. Quelques semaines plus tard, la Banque d'Angleterre a annoncé l'introduction d'une forme d'orientation de crédit visant à limiter le montant de l'emprunt utilisé dans les transactions de biens immobiliers.

Avant la crise financière de 2008, toutes ces mesures auraient été décriées comme étant des interventions injustifiées sur les marchés financiers. En effet, en 2005, quand l'un d'entre nous (Werner) a recommandé ces mesures pour éviter « des crises bancaires chroniques », il a essuyé de violentes critiques.

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