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Quand la BCE a-t-elle stoppé la contagion de la Covid-19 aux marchés financiers ?

Author

Listed:
  • Aymeric Ortmans
  • Fabien Tripier

Abstract

Au début de l’année 2020, la zone euro est entrée dans une double crise sanitaire et économique. À partir de la mi-février, les marchés boursiers et des dettes souveraines européens ont connu des tensions exceptionnelles, alimentées par la progression du nombre de cas de Covid-19. L’intervention de Christine Lagarde, le 12 mars, et son « nous ne sommes pas là pour resserrer les écarts de taux », a déclenché une nouvelle secousse sur les marchés et beaucoup considèrent que c’est l’intervention du 18 mars qui a permis de rétablir le calme. Pourtant la sensibilité des marchés au nombre de nouveaux cas de Covid-19, particulièrement forte début mars, s’est éteinte après l’intervention du 12 mars, mettant fin à une situation explosive sur les marchés de la dette souveraine italienne, espagnole et, dans une moindre mesure, française. La gestion de cette crise conforte le leadership de la BCE au sein des institutions européennes mais pose également la question de la poursuite de sa politique monétaire accommodante.

Suggested Citation

  • Aymeric Ortmans & Fabien Tripier, 2021. "Quand la BCE a-t-elle stoppé la contagion de la Covid-19 aux marchés financiers ?," La Lettre du CEPII, CEPII research center, issue 416.
    • Handle: RePEc:cii:cepill:2021-416
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    File URL: http://www.cepii.fr/PDF_PUB/lettre/2021/let416.pdf
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    Citations

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    Cited by:

    1. Thorbecke, Willem, 2022. "Understanding the transmission of COVID-19 news to French financial markets in early 2020," International Economics, Elsevier, vol. 170(C), pages 103-114.

    More about this item

    Keywords

    COVID-19; Banque centrale européenne; Dette souveraine; Politique monétaire;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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