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.

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