Spanish Central Bank Dominique Faget/Getty Images

Le plan de sauvetage secret de l'Europe

MUNICH – Alors que le monde s'inquiète de Donald Trump, du Brexit et des flux de réfugiés en provenance de Syrie et d'autres pays déchirés par la guerre, la Banque centrale européenne continue à travailler de façon soutenue et sans attirer l'opinion publique sur son plan de restructuration de la dette (également connu sous le nom d'assouplissement quantitatif), pour alléger le fardeau des pays de la zone euro en situation de surendettement.

Selon le programme d'assouplissement quantitatif de la BCE, qui a débuté en mars 2015 (et qui devrait être prolongé au-delà de sa fin prévue en mars 2017), les banques centrales des membres de la zone euro achètent des titres du marché privé pour 1,74 mille milliards d'euros (1,84 mille milliards de dollars), dont plus de 1,4 mille milliards d'euros doivent être utilisés pour racheter la dette publique de leurs propres pays.

Le programme d'assouplissement quantitatif semble être symétrique, parce que chaque banque centrale rachète sa propre dette publique en proportion de la taille du pays. Mais il n'a pas un effet symétrique, parce que les dettes publiques des pays de l'Europe du Sud, où la dette s'accumule et où les déficits des transactions courantes se sont produits, sont la plupart du temps rachetés à l'étranger.

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