Agir maintenant pour l’Euro

NEW YORK – L’euro souffre de déficience structurelle. Il a une banque centrale mais pas de Trésor central, et la supervision du système bancaire est laissée aux autorités nationales. Ce manque se fait de plus en plus sentir et aggrave la crise économique.

Le processus a véritablement commencé le 12 octobre 2008 après la faillite de Lehman Brothers, lorsque les ministres des finances européens ont jugé nécessaire d’assurer à leurs ouailles qu'il ne serait permis à aucune autre grande institution financière de s’écrouler. En l’absence d’un ministère central des finances, la tâche est revenue aux autorités nationales. Cet arrangement a immédiatement provoqué une grave crise économique chez les nouveaux Etats membres de l’Union européenne n’ayant pas encore adopté l’euro. En fin de compte, les tensions dans la zone euro s'en sont aussi trouvées exacerbées.

Chez les nouveaux Etats membres, la plupart des crédits sont accordés par des banques de la zone euro. Donc la plupart des foyers voient leurs dettes libellées en monnaie étrangère. Cependant que les banques de la zone euro se tournaient vers leur pays pour protéger leur capital en le rapatriant, les monnaies et marchés obligataires est européens se sont retrouvés sous pression, avec une économie en berne et des foyers de moins en moins à même de rembourser leurs dettes. Le bilan des banques en contact avec l’Europe de l’Est s’en est trouvé très affaibli.

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