Le talon d'Achille des banques centrales

WASHINGTON, DC – Le systéme bancaire est devenu le talon d'Achille de la plupart des banques centrales. C'est paradoxal dans la mesure où, leur nom l'indique, les banques centrales s'occupent des banques. La plupart des dirigeants des banques centrales ont construit leur carrière entre 1980 et 1990, à un moment où le problème n'était pas la réglementation et la supervision, mais la menace de l'inflation, ce qui explique celle-ci reste très présente dans leurs pensées et leurs pratiques.

Depuis 5 ans, beaucoup d'entre eux ont dû agir pour éviter un effondrement de la production, notamment en évitant une chute des prix. Ils y ont réussi essentiellement en facilitant le crédit, quelles qu'en soient les conséquences sur le secteur privé.

Il n'est pas surprenant qu'ils continuent à faire preuve de déférence à l'égard des dirigeants des grandes banques privées. Les banques centrales contrôlent la masse monétaire et les taux d'intérêt liés à un grand nombre de créances et de titres. Mais le fonctionnement des marchés financiers dépend en grande partie des banques privées qui proposent des prêts.

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