La Banque centrale européenne accélère le rythme

Jusqu’à présent, la dynamique croissance économique des États-unis a offert à la Banque centrale européenne l’environnement nécessaire pour augmenter des taux d’intérêts très bas à un rythme lent et régulier, qui permet de limiter les frictions avec les dirigeants politiques de la zone euro et reste en même temps satisfaisant.

Cette situation est sur le point de changer. Selon des observations empiriques faites aux Etats-Unis, l’économie serait sur une pente glissante et cette situation pourrait devenir visible dans les prochains mois. A moins que la BCE n’accélère le rythme de la hausse des taux d’intérêts, l’objectif de leur neutralité n’est pas réalisable politiquement, ce qui compromet les chances de succès de la banque en matière de stabilité des prix.

La BCE doit presser le pas, non pas parce que les perspectives de croissance sont nombreuses, mais pour la raison opposée : il est à craindre que la croissance européenne ne ralentisse, ce qui limiterait la possibilité d’une prochaine hausse des taux. En effet, même avant la récession de l’économie américaine, un nombre important de membres du Conseil des gouverneurs de la BCE était déjà arrivé à la conclusion qu’il fallait accélérer l’augmentation des taux d’intérêts pour atteindre l’objectif de la neutralité monétaire.

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.

required

Log in

http://prosyn.org/AW7GiIu/fr;
  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