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Comment lutter contre la fragmentation du système bancaire de la zone euro ?

Listed author(s):
  • Céline Antonin
  • Christophe Blot
  • Jérôme Creel
  • Paul Hubert
  • Fabien Labondance
  • Vincent Touzé

Le système bancaire de la zone euro a été fortement touché par deux crises : celle des subprime puis celle des dettes souveraines. Il s'en est suivi un processus de fragmentation du système bancaire qui s'est traduit par des difficultés de financement pour les banques des pays en crise et par une hétérogénéité des conditions de financement – taux des prêts aux ménages et aux entreprises de la zone euro. Si la BCE est parvenue à éviter une crise systémique majeure, cette situation a perturbé la transmission de la politique monétaire au sein de la zone euro. Les mesures mises en oeuvre par la BCE au cours de la crise visent donc à la fois à contrer les risques déflationnistes mais également à restaurer les canaux de transmission de la politique monétaire dans les pays en crise. Bien que la menace déflationniste soit encore prégnante, il semble que les politiques non-conventionnelles ont eu les effets indirects escomptés sur l'efficacité de l'instrument conventionnel de la politique monétaire. Il reste qu'à plus long terme, des mécanismes doivent être envisagés pour renforcer l'intégration financière et rompre le lien entre crise de dette souveraine et crise bancaire. C'est précisément l'objet de l'Union bancaire européenne qui attribue à la BCE de nouveaux pouvoirs en matière de supervision bancaire. Si beaucoup d'experts s'accordent à dire que l'Union bancaire est une grande avancée dans l'approfondissement de l'Europe, il n'en demeure pas moins que plusieurs zones d'ombre subsistent. Les progrès ainsi accomplis ne doivent pas faire oublier que la stabilité bancaire et financière n'est pas complètement assurée et qu'elle ne le sera pas tant que la fragmentation bancaire subsistera entre les pays du coeur et ceux de la périphérie de la zone euro.

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

Volume (Year): N° 136 (2014)
Issue (Month): 5 ()
Pages: 171-219

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Handle: RePEc:cai:reofsp:reof_136_0169
Contact details of provider: Web page: http://www.cairn.info/revue-de-l-ofce.htm

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