L’hésitation fatale de la BCE

BERKELEY – En décembre dernier, le système financier de l’Europe étant sur le point de s’effondrer, la Banque centrale européenne a stupéfié les marchés par une intervention sans précédent, offrant à toutes les banques de la zone euro des liquidités presque illimitées en échange de garanties pour une période exceptionnelle de trois ans.

L’opération surprise d’accroissement de la liquidité par la BCE a interrompu les crises du continent. Mais maintenant, presque quatre mois plus tard, les problèmes sont revenus sur le tapis. Les grands pays d’Europe du Sud, l’Espagne et l’Italie, touchés durement par l’austérité, s’engagent dans une spirale récessionniste. La détérioration des conditions économiques laisse planer un doute sur les calculs budgétaires des gouvernements, sapant les appuis politiques à la réforme structurelle, et ramenant sur scène des questions relatives à la stabilité des systèmes bancaires que l’on pensait réglées.

À nouveau, la zone euro semble être sur le point de se désintégrer. La BCE se trouvera-t-elle donc encore devant une autre brèche& ?

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