Les dangers du relâchement monétaire compétitif

BOMBAY – Alors que le monde se débat pour sortir de la crise économique mondiale, la politique monétaire non conventionnelle adoptée par nombre de pays avancés est de plus en plus largement acceptée. Dans ces pays surendettés, la nécessité de réformes structurelles limite la demande intérieure et l'on peut se demander si les bénéfices sur le plan intérieur des mesures non conventionnelles compensent les inconvénients de leur contagion à d'autres pays.

Encore plus inquiétant, négliger cette contagion pourrait mettre l'économie mondiale sur la pente dangereuse d'une politique monétaire œil pour œil, dent pour dent entre les différents pays. Pour assurer une croissance stable et durable les dirigeants des pays avancés comme cuex des pays émergents doivent réexaminer la régulation du système monétaire international et adopter des politiques monétaires mutuellement bénéfiques.

Il est certain qu'une mesure non conventionnelle comme le relâchement monétaire (QE, quantitative easing) a son utilité ; quand les marchés ne jouent plus leur rôle ou deviennent massivement dysfonctionnels, les banques centrales doivent innover. Alors qu'elles ne disposaient pas de référence sur la conduite à tenir, une grande partie des mesures qu'elles ont adoptées immédiatement après l'effondrement de Lehman Brothers en 2008 étaient judicieuses.

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.


Log in

  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now