Plaidoyer contre la politique de la BCE

La Banque Centrale Européenne et à sa tête Jean-Claude Trichet, ont eu une gestion initialement contestable de la crise financière et leur politique risque de se revéler très négative à long terme. Lorsque la crise financière débuta en Aout 2007, ils ont mésestimé l'amplitude de la crise. J'en veux pour preuve qu'alors que la Fed a baisse ses taux très tôt, la BCE a pris la décision inverse en augmentant son principal taux directeur. Decision qui se révélera dans le future négative pour l'économie Europeenne. Pour rappel, l'Espagne était a l'époque déjà au bord de la récession et l'Italie a peine mieux. Seule l'Allemagne, généralement contra-cyclique résistait. Alors pourquoi avoir pris une telle décision? Officiellement, c'était pour combattre l'inflation provoquée par une hausse dramatique du cours des matières premières. Mais, il était pourtant prévisible que cette inflation allait ralentir en même temps que l'économie, d'autant plus que la hausse des commodities était en partie spéculative. De surcroit, avec un Euro fort, l'Europe était plus protégée de l'inflation que les autres pays. Non, la principale raison était politique: la Banque Centrale Européenne est encore jeune et a besoin d'affirmer son autorité face aux chefs d'état Européens qui avaient l'habitude de dicter leur volonté aux banques centrales nationales. Quel meilleur moyen de montrer son independance que d' augmenter les taux quand tous les politiques demandent une baisse? Malheureusement, cela s'est fait au détriment de l'intérêt général européen. La banque centrale a perdu de sa crédibilité et la zone Euro risque de souffrir d'une récession plus longue que normale.

Cyrille
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