Greece economy Anadolu Agency/Getty Images

Mesures extraordinaires pour temps ordinaires

MUNICH – Dix ans se sont écoulés depuis l’internationalisation de la crise financière. Jusqu'en juillet 2007, la crise des subprimes semblait ne concerner que les États-Unis. Mais, par la suite, Landesbank Sachsen et IKB Deutsche Industriebank, deux banques régionales allemandes à capitaux publics, ont dû être renflouées, et il est soudain apparu clairement aux décideurs à quel point le système financier mondial était devenu interconnecté.

L'héritage de 2007 est toujours avec nous. Son effet le plus dévastateur et destructeur a été d’encourager les mesures monétaires non conventionnelles. Malheureusement, lorsque les décideurs étaient désespérément à la recherche de « gros bazookas » il y a dix ans, ils ont préparé le retour d'un ancien personnage: un homme fort disposé à appuyer sur la gâchette.

Bien sûr, au cœur de la crise financière, les politiciens ont eu raison de conclure qu'ils ne pouvaient pas se contenter des méthodes habituelles. Il était nécessaire que les banques centrales fournissent des liquidités à une échelle massive et que les gouvernements complètent les efforts de politique monétaire au moyen d’une expansion budgétaire. Ainsi, la Chine et les Etats-Unis, en particulier, ont lancé des programmes de relance à grande échelle en 2008 et 2009, respectivement.

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