La tragédie grecque de l’Euro

AMSTERDAM – Lorsque l’Euro fut introduit en 1999, les pays européens estimaient qu’une discipline budgétaire était essentielle à leur stabilité. Alors que cette monnaie commune a profité à tous les pays qui l’ont adoptée – elle est d’ailleurs un point d’ancrage dans le cadre de la crise actuelle - l’échec des membres de la zone euro à respecter leur engagement pourrait bien faire de l’euro un désastre.

Trop de membres agissent en effet comme si le Pacte de stabilité et de croissance (PSC) n’existait pas. L’état des finances publiques grecques, par exemple, est source « d’inquiétude pour l’ensemble de la zone euro » selon le Commissaire européen pour les affaires monétaires, Joaquin Almunia. Le déficit budgétaire de la Grèce devrait atteindre 12,7% du PIB cette année, dépassant largement la limite des 3% prévu initialement dans le PSC.

Tous les pays de la zone euro enfreignent le plafond du PSC compte tenu de la crise actuelle. Mais les Pays Bas, par exemple, ne dépasseront cette année ce plafond que pour la deuxième fois depuis 1999. La première fois, le dépassement d’à peine 1% du PIB fut immédiatement enrayé par le gouvernement qui prit les mesures de rigueur nécessaires pour contenir le déficit. L’Allemagne et l’Autriche ont fait de même. Ces pays œuvrent déjà pour réduire dans les meilleurs délais leur déficit induit par la crise.

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