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Le partage des revenus de la politique monétaire au sein de l’Eurosystème

Author

Listed:
  • William Arrata
  • Thibaut Gentil

Abstract

Les banques centrales de la zone euro assurent la mise en œuvre décentralisée d’une politique monétaire unique décidée collégialement. Leurs revenus monétaires suivent une tendance commune, mais évoluent aussi en fonction de facteurs propres à chaque juridiction. Ces revenus sont en grande partie mutualisés, puis partagés entre banques centrales nationales (BCN) selon des règles définies par le cadre légal. Concrètement, chaque BCN reçoit ou reverse chaque année un « solde de partage » : la différence entre les revenus qui lui sont dus et ceux qu’elle a générés. Cet article analyse l’évolution récente des soldes de partage des quatre plus grandes BCN de la zone euro et montre qu’elle résulte d’un mécanisme cohérent, qui tient compte notamment du rôle particulier de certaines banques centrales dans la mise en œuvre des programmes d’achats de titres supranationaux entre 2015 et 2022.

Suggested Citation

  • William Arrata & Thibaut Gentil, 2025. "Le partage des revenus de la politique monétaire au sein de l’Eurosystème," Bulletin de la Banque de France, Banque de France, issue 260.
    • Handle: RePEc:bfr:bullbf:2025:260:06
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    File URL: https://www.banque-france.fr/system/files/2025-10/BDF260_6_Partage_revenu-monetaire_web.pdf
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    References listed on IDEAS

    as
    1. Martin Handig & Robert Holzfeind, 2007. "Euro Banknotes in Circulation and the Allocation of Monetary Income within the Eurosystem," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 150-163.
    2. Lenka Krsnakova & Maria Oberleithner, 2012. "How Euro Banknotes in Circulation Affect Intra-Eurosystem Balances," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 70-80.
    3. Martin Handig & Robert Holzfeind & Clemens Jobst, 2012. "Understanding TARGET 2: The Eurosystem’s Euro Payment System from an Economic and Balance Sheet Perspective," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 81-91.
    4. Sergio Cesaratto & Eladio Febrero & George Pantelopoulos, 2025. "Redistributing Central Bank Incomes and Expenses Across the Eurosystem: the Eurosystem’s Monetary Income," Open Economies Review, Springer, vol. 36(5), pages 1413-1438, November.
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