Les euro-obligations peuvent traiter les symptômes, pas la maladie !

MUNICH – La chancelière allemande Angela Merkel a résisté aux pays du sud de l'Europe : il n'y aura pas d'euro-obligations. Pour les marchés c'est une déception, mais les pays en difficulté ne se reconstruiront qu'en ouvrant une phase de discipline financière aussi longue que voulue et en mettant fin au laxisme budgétaire.

Cette situation exaspère les investisseurs. La décision du 21 juillet des dirigeants de la zone euro d'autoriser le Fonds européen de stabilité financière (FESF) à racheter les dettes dans la limite de ses capacités constitue déjà une forme d'euro-obligations. Quant à la Banque centrale européenne (BCE), elle va continuer à accorder à la légère des prêts aux pays en difficulté et en achetant leurs bons du Trésor.

Les pays du sud du continent voudraient un basculement complet en faveur des euro-obligations pour ne plus avoir à supporter les taux d'intérêt qu'exigent les marchés, des taux largement majorés par rapport à ceux de l'Allemagne. Leur attitude est compréhensible, étant donné que c'est avant tout l'espoir d'une convergence des taux d'intérêt qui les a incités à rejoindre la zone euro. D'ailleurs ce fut une réalité durant une dizaine d'année, entre 1997 et 2007.

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