La victoire à la Pyrrhus de l'Allemagne

BERLIN – La Cour constitutionnelle allemande a jugé illégal l'engagement de la Banque centrale européenne (BCE) d'acheter sans limitation des obligations d'Etat des pays en difficulté de la zone euro et elle a demandé à la Cour de justice de l'Union européenne de confirmer sa décision. En attendant, le programme d'achat de dette publique (OMT) est mort, ce qui affecte la capacité d'intervention de la BCE en tant que filet de sécurité financier crédible et efficace au moment où les pays européens sont encore réticents à remplir le vide.

La Cour allemande considère que l'OMT viole l'interdiction de financement monétaire des budgets des Etats membres par la BCE. Selon la Cour, le programme OMT ne peut être légal que si le volume de son intervention est limité à priori, exclut toute perte sur les dettes souveraines et évite les "interférences avec la formation des prix sur le marché". Or presque toutes les mesures prises par la BCE violent ces principes, la décision de la Cour constitue donc un grave revers pour l'Europe.

Théoriquement la BCE peut mettre en œuvre l'OMT, au moins jusqu'à ce que la Cour de justice de l'UE statue sur cette affaire. Mais en pratique, en Allemagne l'opposition croissante à l'OMT et plus généralement à la politique de la BCE va empêcher cette dernière d'appliquer ce programme tel qu'il est prévu, autrement dit d'intervenir avec toute l'efficacité voulue sur le marché des obligations souveraines pour éviter une panique.

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