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Où en est-on du cycle de crédit dans la zone euro ?

Author

Listed:
  • Christophe Blot

    (Observatoire français des conjonctures économiques)

  • Paul Hubert

    (Observatoire français des conjonctures économiques)

Abstract

En décembre 2016, la BCE annonçait la poursuite de sa politique de Quantitative Easing (QE) jusqu’à décembre 2017. Alors que la reprise économique se confirme dans la zone euro et que l’inflation repart à la hausse, se pose la question des risques liés à cette politique. D’un côté, la poursuite d’une politique monétaire très expansionniste n’est-elle pas une source d’instabilité financière ? Inversement, une fin prématurée des mesures non conventionnelles pourrait remettre en cause la dynamique de croissance et la capacité de la BCE à atteindre ses objectifs. Nous étudions ici le dilemme auquel pourrait faire face la BCE au travers d’une analyse des cycles du crédit et de l’activité bancaire dans la zone euro. [Premier paragraphe]

Suggested Citation

  • Christophe Blot & Paul Hubert, 2017. "Où en est-on du cycle de crédit dans la zone euro ?," Sciences Po publications info:hdl:2441/28ctvk30na8, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/28ctvk30na8r2rjgo5umsld7g2
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