{"id":3050,"date":"2019-05-22T09:42:38","date_gmt":"2019-05-22T08:42:38","guid":{"rendered":"http:\/\/www.ecoloj.be\/goforclimatejustice\/jump\/?p=3050"},"modified":"2022-07-28T22:07:15","modified_gmt":"2022-07-28T21:07:15","slug":"elections-creation-monetaire","status":"publish","type":"post","link":"https:\/\/www.ecoloj.be\/goforclimatejustice\/jump\/elections-creation-monetaire\/","title":{"rendered":"La cr\u00e9ation mon\u00e9taire"},"content":{"rendered":"<p style=\"text-align: left;\"><strong>Vous \u00eates-vous d\u00e9j\u00e0 demand\u00e9 par qui et comment \u00e9tait cr\u00e9\u00e9 l\u2019argent ?<\/strong> Contrairement \u00e0 ce que l\u2019on pourrait penser, la cr\u00e9ation mon\u00e9taire n\u2019est plus, depuis longtemps, la chasse-gard\u00e9e des banques centrales des \u00e9tats.<\/p>\n<p><!--more--><\/p>\n<h2><span style=\"color: #99cc00;\">Ce sont les banques priv\u00e9es qui ont le privil\u00e8ge de cr\u00e9er la majeure partie de la masse mon\u00e9taire.<\/span><\/h2>\n<p style=\"text-align: left;\">Pour ce faire, il leur suffit d\u2019octroyer des cr\u00e9dits.<\/p>\n<p style=\"text-align: left;\"><strong>En cr\u00e9ditant le compte de l\u2019emprunteur, la banque cr\u00e9e de l\u2019argent<\/strong> (de la masse mon\u00e9taire)<strong> \u00e0 partir de rien<\/strong> (\u00ab ex nihilo \u00bb). C\u2019est (presque) aussi simple que \u00e7a. Heureusement, les banques commerciales doivent tout de m\u00eame respecter certaines <strong>contraintes<\/strong> <strong>dites <em>prudentielles<\/em><\/strong>, notamment en mati\u00e8re de r\u00e9serves obligatoires, et de ratios de fonds propres et de liquidit\u00e9s. Ces r\u00e8gles sont suppos\u00e9es assurer la solidit\u00e9 des banques et la stabilit\u00e9 du syst\u00e8me financier et<strong> \u00e9viter un emballement total<\/strong> de la cr\u00e9ation mon\u00e9taire.<\/p>\n<p style=\"text-align: left;\">Pour respecter ces contraintes r\u00e9glementaires et exercer leurs activit\u00e9s, <strong>les banques doivent fr\u00e9quemment elles-m\u00eames se procurer des liquidit\u00e9s<\/strong>, soit en se pr\u00eatant les unes aux autres sur le march\u00e9 interbancaire, soit en empruntant aupr\u00e8s de leur banque centrale, laquelle peut virtuellement cr\u00e9er autant de monnaie qu\u2019elle le souhaite (on parle de <em>pr\u00eateur de dernier ressort<\/em>).<\/p>\n<p style=\"text-align: left;\">Si la Banque Centrale Europ\u00e9enne (BCE) et les banques centrales des \u00e9tats membres peuvent financer les banques commerciales, <strong>elles ne peuvent, par contre, pas financer (directement) les \u00e9tats membres<\/strong>. L\u2019article 123 du Trait\u00e9 sur le fonctionnement de l\u2019Union europ\u00e9enne (le TFUE) le leur interdit. Cette r\u00e8gle se veut l\u2019une des garanties de l\u2019ind\u00e9pendance de la BCE, particuli\u00e8rement ch\u00e8re aux \u00e9conomistes lib\u00e9raux orthodoxes. Selon ces dernier\u00b7e\u00b7s, une banque centrale ne doit servir \u00e0 rien d\u2019autre qu\u2019\u00e0 maintenir la stabilit\u00e9 des prix (en limitant l\u2019inflation) et \u00e0 pr\u00e9server le syst\u00e8me financier. Ce sont les march\u00e9s financiers qui doivent d\u00e9cider de l\u2019allocation de la cr\u00e9ation mon\u00e9taire.<\/p>\n<p style=\"text-align: left;\">Mais la BCE (assist\u00e9e des banques centrales nationales) triche un peu avec ces r\u00e8gles. Pour faciliter le financement des \u00e9tats membres sur les march\u00e9s financiers, et fournir des liquidit\u00e9s aux banques commerciales, la BCE a lanc\u00e9 au d\u00e9but de l\u2019ann\u00e9e 2015,<strong> un large programme de rachat d\u2019obligations<\/strong> (essentiellement) \u00e9tatiques dans la zone euro.<\/p>\n<p style=\"text-align: left;\">Comme les banques commerciales avaient la quasi-certitude que les titres de dette publique seraient rachet\u00e9s par la BCE, elles savaient aussi que le risque qu\u2019elles prenaient en achetant ces titres serait faible. Forc\u00e9ment, cela a eu un effet positif sur les conditions de financement des \u00e9tats.<\/p>\n<p style=\"text-align: left;\"><strong>Ce programme de rachat<\/strong>, que l\u2019on nomme <em>assouplissement quantitatif <\/em>et qui s\u2019est poursuivi jusqu\u2019\u00e0 la fin 2018, <strong>a men\u00e9 \u00e0 l\u2019injection<\/strong> (et \u00e0 la <em>cr\u00e9ation<\/em>) <strong>de pr\u00e8s de 2.600 milliards d\u2019euros dans l\u2019\u00e9conomie<\/strong>. Certain\u00b7e\u00b7s estiment que cet assouplissement quantitatif a permis d\u2019\u00e9viter un cycle d\u00e9flationniste dans la zone euro.<\/p>\n<p>___<\/p>\n<p style=\"text-align: left;\"><strong>Lionel Legrand et Lucien Standaert<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vous \u00eates-vous d\u00e9j\u00e0 demand\u00e9 par qui et comment \u00e9tait cr\u00e9\u00e9 l\u2019argent ? Contrairement \u00e0 ce que l\u2019on pourrait penser, la cr\u00e9ation mon\u00e9taire n\u2019est plus, depuis longtemps, la chasse-gard\u00e9e des banques [&hellip;]<\/p>\n","protected":false},"author":88,"featured_media":4718,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"image","meta":[],"categories":[124],"tags":[100,88],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>La cr\u00e9ation mon\u00e9taire - Jump<\/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:\/\/www.ecoloj.be\/goforclimatejustice\/jump\/elections-creation-monetaire\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La cr\u00e9ation mon\u00e9taire - Jump\" \/>\n<meta property=\"og:description\" content=\"Vous \u00eates-vous d\u00e9j\u00e0 demand\u00e9 par qui et comment \u00e9tait cr\u00e9\u00e9 l\u2019argent ? 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