{"id":3616,"date":"2022-06-29T11:17:38","date_gmt":"2022-06-29T11:17:38","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=3616"},"modified":"2022-06-29T11:18:42","modified_gmt":"2022-06-29T11:18:42","slug":"face-a-linflation-la-bce-ira-aussi-loin-que-necessaire","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=3616","title":{"rendered":"Face \u00e0 l\u2019inflation, la BCE ira \u00ab aussi loin \u00bb que n\u00e9cessaire"},"content":{"rendered":"<p><strong>La pr\u00e9sidente de la\u00a0Banque centrale europ\u00e9enne, Christine Lagarde, voit le choc de l\u2019inflation comme \u00ab\u00a0un grand d\u00e9fi pour notre politique mon\u00e9taire\u00a0\u00bb.<\/strong><\/p>\n<p>La Banque centrale europ\u00e9enne ira \u00ab\u00a0aussi loin que n\u00e9cessaire\u00a0\u00bb pour lutter contre l&rsquo;inflation \u00ab\u00a0excessivement \u00e9lev\u00e9e\u00a0\u00bb et qui devrait le rester \u00ab\u00a0pendant un certain temps encore\u00a0\u00bb en zone euro, a pr\u00e9venu mardi 28\u00a0juin sa pr\u00e9sidente <a href=\"https:\/\/www.lepoint.fr\/tags\/christine-lagarde\">Christine Lagarde<\/a>, qui s&rsquo;exprimait en ouverture du forum annuel de l&rsquo;institut au sud du <a href=\"https:\/\/www.lepoint.fr\/tags\/portugal\">Portugal<\/a>, \u00e0 Sintra. La Fran\u00e7aise\u00a0voit dans <a href=\"https:\/\/www.lepoint.fr\/economie\/recul-du-pib-et-flambee-des-prix-retour-au-cauchemar-des-annees-1970--01-06-2022-2477980_28.php\">le choc d&rsquo;inflation du moment<\/a> \u00ab\u00a0un grand d\u00e9fi pour notre politique mon\u00e9taire\u00a0\u00bb, a-t-elle d\u00e9clar\u00e9 devant un parterre de banquiers centraux et d&rsquo;\u00e9conomistes.<\/p>\n<p>L&rsquo;objectif ultime de la BCE est de ramener l&rsquo;inflation \u00e0 un niveau proche de 2\u00a0%, alors que l&rsquo;agr\u00e9gat a culmin\u00e9 \u00e0 plus de 8\u00a0% en mai en zone euro et pourrait encore monter en juin, selon des chiffres attendus vendredi. L&rsquo;institut se pr\u00e9pare en juillet, face \u00e0 <a href=\"https:\/\/www.lepoint.fr\/economie\/pouvoir-d-achat-l-inflation-devrait-atteindre-6-8-en-septembre-24-06-2022-2480853_28.php\">l&rsquo;inflation galopante<\/a>, \u00e0 remonter ses taux d&rsquo;int\u00e9r\u00eat pour la premi\u00e8re fois depuis onze ans, une fois qu&rsquo;elle aura mis fin \u00e0 ses rachats de dette sur le march\u00e9. Cette perspective a fait resurgir le risque d&rsquo;une crise de la dette en zone euro, avec des \u00e9carts croissants de taux d&rsquo;int\u00e9r\u00eat demand\u00e9s aux \u00c9tats du nord et du sud de l&rsquo;<a href=\"https:\/\/www.lepoint.fr\/tags\/europe\">Europe<\/a> pour emprunter et financer leurs d\u00e9ficits.<\/p>\n<p>La BCE a d\u00fb derni\u00e8rement s&#8217;employer \u00e0 rassurer les investisseurs en annon\u00e7ant les pr\u00e9paratifs en vue d&rsquo;un nouvel \u00ab\u00a0instrument anti-fragmentation\u00a0\u00bb pour aplanir les fameux spreads, les \u00e9carts de taux entre pays b\u00e9n\u00e9ficiant de bonnes conditions d&#8217;emprunt et les autres. Ce nouvel instrument \u00ab\u00a0devra \u00eatre efficace, tout en \u00e9tant proportionn\u00e9 et contenant des garanties suffisantes pour pr\u00e9server l&rsquo;\u00e9lan des \u00c9tats membres vers une politique budg\u00e9taire saine\u00a0\u00bb, a indiqu\u00e9 Christine\u00a0Lagarde mardi.<\/p>\n<h3><strong>Un \u00ab\u00a0soutien cibl\u00e9 et temporaire\u00a0\u00bb \u00e0 l&rsquo;\u00e9conomie<\/strong><\/h3>\n<p>Emp\u00eacher les \u00e9carts entre taux d&#8217;emprunts souverains est un pr\u00e9alable pour la bonne transmission de la politique mon\u00e9taire dans l&rsquo;ensemble des dix-neuf pays de la zone euro. Dans ce contexte seulement il sera possible \u00ab\u00a0aux taux de remonter autant que n\u00e9cessaire\u00a0\u00bb, a d\u00e9clar\u00e9 l&rsquo;ancienne directrice g\u00e9n\u00e9rale du <a href=\"https:\/\/www.lepoint.fr\/tags\/fmi\">FMI<\/a>.<\/p>\n<p>Mais la BCE est face \u00e0 un dilemme car remonter ses taux trop abruptement pourrait faire plonger <a href=\"https:\/\/www.lepoint.fr\/economie\/artus-quand-deficit-public-egale-impot-s-cache-s-ou-non-25-06-2022-2480909_28.php\">la zone euro<\/a> en r\u00e9cession, d&rsquo;autant plus que l&rsquo;institut a d\u00e9j\u00e0 nettement revu \u00e0 la baisse ses pr\u00e9visions de croissance pour les deux prochaines ann\u00e9es. \u00ab\u00a0Mais nous nous attendons toujours \u00e0 des taux de croissance positifs\u00a0\u00bb en raison de soutiens int\u00e9rieurs \u00e0 l&rsquo;\u00e9conomie, a assur\u00e9 la Fran\u00e7aise.<\/p>\n<p>La BCE ne veut pas \u00eatre le seul acteur \u00e0 agir dans la temp\u00eate, c&rsquo;est pourquoi les gouvernements, responsables de la politique budg\u00e9taire, \u00ab\u00a0doivent jouer leur r\u00f4le dans la r\u00e9duction des risques\u00a0\u00bb. Et ce, en fournissant un \u00ab\u00a0soutien cibl\u00e9 et temporaire\u00a0\u00bb \u00e0 l&rsquo;\u00e9conomie, tout en gardant en vue la \u00ab\u00a0viabilit\u00e9\u00a0\u00bb de leurs finances publiques, a conclu <a href=\"https:\/\/www.lepoint.fr\/politique\/christine-lagarde-en-tete-des-francaises-les-plus-puissantes-du-monde-09-12-2021-2456065_20.php\">Christine\u00a0Lagarde<\/a>.<\/p>\n<p><strong>(AFP)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La pr\u00e9sidente de la\u00a0Banque centrale europ\u00e9enne, Christine Lagarde, voit le choc de l\u2019inflation comme \u00ab\u00a0un grand d\u00e9fi pour notre politique mon\u00e9taire\u00a0\u00bb. La Banque centrale europ\u00e9enne&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3617,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,10],"tags":[],"class_list":["post-3616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite-economique","category-infos-eco","wpcat-8-id","wpcat-10-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Face \u00e0 l\u2019inflation, la BCE ira \u00ab aussi loin \u00bb que n\u00e9cessaire - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=3616\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Face \u00e0 l\u2019inflation, la BCE ira \u00ab aussi loin \u00bb que n\u00e9cessaire - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"La pr\u00e9sidente de la\u00a0Banque centrale europ\u00e9enne, Christine Lagarde, voit le choc de l\u2019inflation comme \u00ab\u00a0un grand d\u00e9fi pour notre politique mon\u00e9taire\u00a0\u00bb. 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