L’Europe enchaînée à l’ancre allemande

BRUXELLES – Un navire pris dans la tempête et mouillé à proximité de dangereuses falaises a besoin d’une ancre solide pour éviter de finir sur les rochers. En 2012, lorsque la tornade financière a frappé la zone euro, c’est bel et bien l’Allemagne qui a permis au navire européen de demeurer à l’écart des hauts-fonds d’un désastre financier. Mais voici que cette ancre de l’Europe est aujourd’hui devenue un véritable frein, entravant son avancée en direction de l’avenir.

Si la chancelière allemande Angela Merkel s’est résolue en 2012 à agir, ce n’est qu’à partir du moment où elle a pu expliquer à son électorat national qu’il n’existait aucune autre alternative. Merkel a en fin de compte consenti à l’établissement d’un mécanisme permanent de sauvetage pour la zone euro. Elle a également approuvé l’instauration d’une union bancaire qui, bien qu’incomplète, n’en demeure pas moins une avancée essentielle en direction d’un système financier supervisé par la Banque centrale européenne. C’est grâce à ces mesures que le président de la BCE Mario Draghi a promis de faire « tout le nécessaire » pour sauver l’euro, ce que l’Allemagne a implicitement approuvé, et que la tempête financière a pu s’orienter vers une accalmie.

La zone euro semble en revanche aujourd’hui incapable d’échapper à une quasi-déflation, en raison d’une faible croissance économique et d’une quasi-absence de hausse des prix.

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