Les motifs qui poussent une banque centrale à intervenir

Les observateurs de toutes les Banques centrales ont un nouveau passe-temps : la comparaison du comportement de la Réserve fédérale américaine (la Fed) avec celui de la Banque centrale européenne (BCE). Bien que leur approche de la gestion des taux d'intérêt retienne le plus l'intérêt, les styles différents de chacune dans ses interventions sur les marchés des changes internationaux méritent l'attention du fait de leur impact sur la croissance.

La valeur de l'euro a baissé remarquablement, comparativement aux principales monnaies internationales, et particulièrement contre le dollar américain et le yen japonais, après ses débuts en janvier 1999. La compétitivité des économies étant influencée par le taux des changes, la dépréciation de l'euro profita aux exportations européennes et aux exportateurs, aux dépens de leurs confrères américains.

On pourrait ainsi croire que les industries américaines subissant la pression de la concurrence internationale sur les prix condamneraient la hausse du dollar, peu désirable. Les politiciens américains qui s'inquiètent toujours de l'accroissement actuel du déficit américain auraient également dû montrer quelque inquiétude. Pourtant, hormis certains secteurs tels que l'acier, la plupart des politiciens et patrons américains ont préféré se taire quant à la hausse du dollar et peu, s'il en est, ont sauté de joie dernièrement lors de sa baisse.

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