La menace envers la marque de la Banque centrale

NEW YORK – Le « marquage » des opérations des Banques centrales contemporaines a commencé aux Etats-Unis au début des années 1980 sous la férule de Paul Volcker, alors Président du Conseil d'administration de la Réserve Fédérale. Face à une inflation anormalement aigue et affaiblissante, Volcker lui a déclaré la guerre et a remporté la victoire. En provoquant un phénomène tendanciel de désinflation, il a fait plus que modifier les perspectives et le comportement économique. Il a également grandement amélioré l'image de la Fed auprès du grand public, des marchés financiers et des cercles politiques.

La victoire de Volcker a été institutionnalisée par la législation et par les pratiques qui ont accordé aux banques centrales une plus grande autonomie, voire dans certains cas l'indépendance formelle quant à certaines contraintes politiques de longue date. Aux yeux de nombreuses personnes, les banques centrales représentent aujourd'hui un pouvoir fiable et responsable. En d'autres termes, on a pu leur faire confiance pour faire le bon choix et elles ont tenu leurs promesses.

Comme tout chef d'entreprise vous le dira, les marques peuvent être d'importants facteurs de comportement. Une marque est pour l'essentiel une promesse. Et les marques puissantes tiennent systématiquement leurs promesses : que ce soit sur la qualité, le prix ou l'expérience. Dans certains cas, les consommateurs sont réputés agir en fonction de la seule force de la marque, achetant même un produit en disposant de très peu d'informations à son sujet.

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