La France n’a toujours pas compris

CAMBRIDGE - Le gouvernement français semble décidément ne pas avoir compris les implications réelles de l’euro, monnaie unique partagée par la France avec 16 autres pays de l’Union européenne.

Les responsables français réagissent désormais à la perspective d’une dégradation de leur notation de crédit en s’en prenant à la Grande-Bretagne. Le dirigeant de la Banque centrale, Christian Noyer, a fait valoir que les agences de notation feraient bien de commencer par dégrader la note britannique. Le ministre des Finances, François Baroin, a récemment déclaré qu’il était « préférable d’être Français plutôt que Britannique en termes économiques. » Le Premier ministre français lui-même, François Fillon, a fait remarquer que la Grande-Bretagne présentait une dette plus élevée et des déficits plus conséquents que la France.

Ces dirigeants français ne semblent pas reconnaître l’importance du fait que la Grande-Bretagne se situe en dehors de la zone euro, et dispose ainsi de sa propre monnaie, ce qui signifie que le risque de défaut de la Grande-Bretagne sur sa propre dette est inexistant. Lorsque les intérêts et le principal sur la dette du gouvernement britannique seront exigibles, ce même gouvernement pourra toujours émettre davantage de devises afin de répondre à ces obligations. En revanche, le gouvernement français et la Banque de France de sont pas en mesure d’émettre d’euros.

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