L'indépendance des banques centrales est un concept dépassé

BUENOS AIRES – La crise financière mondiale soulève des questions fondamentales quant au mandat des banques centrales. Au cours des dernières décennies, la plupart des banques centrales ont eu pour unique objectif la stabilité des prix. Cette priorité accordée à un objectif en matière d'inflation a conduit à l'indépendance opérationnelle des banques centrales. Ce fut un succès : la discipline imposée par la focalisation sur cet objectif unique a permis aux responsables politiques de contrôler parfaitement l'inflation.

En raison de ce cadre réducteur, les responsables politiques ont négligé la formation de bulles des actifs et des matières premières et l'instabilité qui en a résulté dans le secteur bancaire. Après l'éclatement de la crise financière, les banques centrales ont été amenées à considérer peu à peu d'autres objectifs et à prendre toute une série de mesures monétaires non orthodoxes pour amortir les conséquences de la crise et favoriser la reprise.

Les pays avancés luttent pour éviter un effondrement financier, échapper à la récession, diminuer le chômage et restaurer la croissance. C'est pourquoi on demande aux banques centrales de lutter (parfois simultanément) contre des déséquilibres croissants. D'où la recherche d'une redéfinition radicale de leur mission et la remise en question de leur indépendance.

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