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La Banque Centrale Européenne ou le Seigneur des euros

  • Jérôme Creel
  • Jacky Fayolle

Les débuts de la Banque centrale européenne (BCE) livrent une impression mitigée, dont sa relative inexpérience n’est sans doute pas la seule cause. Les statuts de la BCE et les conditions qui ont présidé à sa création ont en effet pesé lourdement dans la définition de ses références, à savoir la fixation d’un objectif d’inflation très bas. La BCE n’a certes pas vraiment failli, elle a même accompagné plutôt adroitement au cours de l’année 1999 la sortie de l’économie européenne du « trou d’air » causé par l’impact de la crise asiatique. Cet épisode lui a permis de manifester sa vigilance à l’égard du risque déflationniste et d’afficher la réalité, a priori incertaine, d’une borne inférieure à la fourchette-cible d’inflation : comme l’a alors déclaré le chef économiste de la BCE, Otmar Issing, en s’appuyant sur une lecture pointilleuse du texte de référence, l’objectif d’une croissance annuelle des prix à la consommation de la zone euro inférieure à 2 % signifie aussi l’exclusion d’une inflation négative (...).

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 83 bis (2002)
Issue (Month): 5 ()
Pages: 175-210

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Handle: RePEc:cai:reofsp:reof_074_0175
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  1. Jon Faust & John H. Rogers & Jonathan H. Wright, 2001. "An empirical comparison of Bundesbank and ECB monetary policy rules," International Finance Discussion Papers 705, Board of Governors of the Federal Reserve System (U.S.).
  2. Jérôme Creel & Jacky Fayolle, 2002. "La banque centrale et l’union monétaire européennes : les tribulations de la crédibilité," Sciences Po publications info:hdl:2441/2942, Sciences Po.
  3. Issing, Otmar, 2000. "The ECB's Monetary Policy: Experience After the First Year," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 325-343, May.
  4. Andrew Brociner & Odile Chagny, 1996. "La Bundesbank : une orthodoxie pragmatique," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 95-119.
  5. Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Scholarly Articles 3043424, Harvard University Department of Economics.
  6. Feldstein, Martin, 2000. "The European Central Bank and the Euro: The First Year," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 345-354, May.
  7. Pisani, Florence & Brender, Anton, 2001. "Les marchés et la croissance," Economics Papers from University Paris Dauphine 123456789/4186, Paris Dauphine University.
  8. Andrew Brociner & Odile Chagny, 1996. "La Bundesbank : une orthodoxie pragmatique," Revue de l'OFCE, Programme National Persée, vol. 56(1), pages 95-119.
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