Le procès du « put Draghi »

CAMBRIDGE – Au cours de l'été 2012, le président de la Banque centrale européenne, Mario Draghi, a promis de faire « tout ce qu'il faut » pour sauver l'euro, y compris l'achat de quantités « illimitées » des obligations souveraines en difficulté. Cette décision, qu’on a appelée par la suite le « put Draghi », avait presque immédiatement réduit les coûts d'emprunt pour l'Espagne et l'Italie, et est largement présentée comme ayant tiré d’affaire une zone euro au bord du gouffre – sans jamais utiliser les soi-disant « opérations monétaires sur titres ».

Cela peut sembler un succès retentissant : la simple annonce du programme OMT était assez pour mettre fin à la crise existentielle de l'union monétaire. Mais, selon la Cour constitutionnelle allemande, la politique viole les traités de l'Union européenne – une décision que la Cour européenne de justice est en train d'examiner. La décision de la Cour de justice européenne aura des conséquences importantes pour l'avenir de la zone euro, car elle permettra de définir de quelle autorité dispose la BCE, si elle dispose effectivement de quelque autorité que soit, pour intervenir dans une crise de la dette.

Et pourtant, de manière fondamentale, le débat actuel sur les OMT perd de vue l’argument principal. Au lieu de demander si le mandat de la BCE lui permet d'intervenir dans une crise de la dette, les dirigeants européens devraient se demander s’il est souhaitable qu’elle intervienne.

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