Paul Lachine

Les banques centrales et le monétarisme

TILBURG (HOLLANDE) – La crise économique souligne la nécessiter de réformer en profondeur les banques centrales. Le moment est venu pour elles de revenir à une forme de monétarisme modéré, adapté au 21° siècle.

La crise actuelle a rendu leur tâche bien plus difficile. Durant les 30 dernières années, beaucoup d'entre elles estimaient que leur rôle se limitait à veiller à la stabilité des prix et tous les instruments à leurs dispositions étaient orientés dans ce but. Mais désormais elles doivent aussi se préoccuper de la stabilité financière. Implicitement, elles devront aussi veiller à empêcher une nouvelle récession. Mais dans le contexte institutionnel actuel il leur est extrêmement difficile de mener à bien ces tâches. Il leur faudrait pour cela de nouveaux instruments, et c'est là que les choses se compliquent.

La raison en est simple : selon la règle de Tinbergen – d'après le nom du Hollandais Jan Tinbergen, prix Nobel d'économie – les banques centrales devraient avoir un instrument spécifique pour chacun des objectifs qui leur incombe, comme le fait de veiller à la stabilité des prix.

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