Un monde en cure de désintoxication

CAMBRIDGE – Nous devrions peut-être qualifier 2013 d’année de l’économie Winehouse. Comme le chantait feue Amy Winehouse : « They tried to make me go to rehab, but I said ‘No, no, no’ » (Ils ont essayé de me faire entrer en cure de désintox' mais j'ai dit "non, non, non"). En 2013, les principales banques centrales étaient les chanteuses, menées par la Réserve fédérale des Etats-Unis (la Fed).

Dans le courant de l’été, tant la Fed que la Banque populaire de Chine (BPC) ont annoncé leur intention de normaliser la politique monétaire. Le président de la Fed, Ben Bernanke, a ouvertement parlé de mettre progressivement fin à la politique d’achat illimité de bons du trésor, également connu sous le nom d’assouplissement quantitatif. Le gouverneur de la BPC, Zhou Xiaochuan, a de fait tenté de contrôler la croissance débridée du crédit en Chine. Mais lorsque les marchés ont réagi de manière plus brusque que prévu – avec la flambée des rendements obligataires aux Etats-Unis et un pic du taux de prêt interbancaire en Chine – les autorités monétaires ont reculé.

C’est un problème qu’ont rencontré plusieurs chanteurs pop : après des années de stimulation, la cure de désintoxication n’est simplement pas facile.

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