Une nouvelle année et toujours la même crise !

DAVOS – Les mesures prises par la Banque centrale européenne fin décembre, notamment le LTRO (des prêts à volonté à 3 ans au taux de 1% pour les banques) ont résolu en partie les problèmes de liquidité des banques européennes, mais sans résoudre les problèmes financiers des pays les plus endettés de la zone euro. Les primes de risque élevées sur les obligations d'Etat menaçant la solvabilité des banques, une demi-solution est insuffisante.

La prétendue solution relègue la moitié de la zone euro au statut de pays du Tiers-monde fortement endetté en devises étrangères, avec l'Allemagne à la place du FMI pour lui imposer une discipline budgétaire stricte. Cela va conduire à des tensions économiques et politiques susceptibles d'entraîner l'éclatement de l'UE.

J'ai proposé un plan qui permettrait à l'Italie et à l'Espagne de refinancer leur dette en émettant des bons du Trésor aux environs de 1%. A la mémoire de mon ami Tomasso Padoa-Schioppa qui a aidé à stabiliser les finances de son pays lorsqu'il était à la tête de la Banque centrale italienne dans les années 1990, je l'ai appelé Plan Padoa-Schioppa pour l'Europe. Il est relativement compliqué, mais convient parfaitement du point de vue juridique et technique. Je le présente en détail dans mon nouveau livre, Financial Turmoil in Europe and the United States [Tourmente financière en Europe et aux USA].

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.

required

Log in

http://prosyn.org/hb6ABuA/fr;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.