La nouvelle classe Club des banques centrales

NEW YORK – Dans le sillage de la crise financière de 2007-2008, les banques centrales du monde ont joué un rôle essentiel dans le sauvetage du système financier mondial. Elles sont intervenues pour parer au gel des marchés privés, agissant en tant que prêteurs et courtiers de dernier ressort, et ont fourni des liquidités supplémentaires afin de graisser les rouages de la finance.

Ces banques centrales ont offert leurs services principalement aux acteurs nationaux, mais elles ont également étendu leurs largesses à des entités privées étrangères. En effet, les accords de swap conclus entre les banques centrales, donnant un autre accès illimité à leurs monnaies respectives, ont bénéficié y compris aux états étrangers. Cela a créé un précédent inquiétant.

Créées à l'origine comme une solution temporaire en 2007, les lignes de swap, qui prévoyaient à l’époque de relier la Réserve fédérale américaine, la Banque centrale européenne et la Banque nationale suisse, ont été étendues à chaque fois qu’une nouvelle crise ébranlait les marchés. Plus récemment, cependant, six banques centrales ont annoncé que leurs lignes de swap étaient désormais permanentes.

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