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La BCE a-t-elle raison d'augmenter ses taux?

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  • Christophe Blot

    (Observatoire français des conjonctures économiques)

Abstract

Lors de la conférence de presse qui s’est tenue le 7 décembre 2006, la BCE a décidé d’augmenter son principal taux directeur de 25 points de base en le fixant à 3,5 %. Cette décision était anticipée et avait été implicitement annoncée par Jean-Claude Trichet lors de la précédente conférence de presse. Le président de la BCE souligne que les « risques pesant sur la stabilité des prix » sont toujours orientés à la hausse. La BCE poursuit ainsi le cycle de resserrement de sa politique monétaire entamé depuis décembre 2005. Après deux ans et demi de statu quo, le principal taux de refinancement de la zone euro a été relevé six fois. Cette phase de « normalisation » s’inscrit dans un contexte de durcissement généralisé des politiques monétaires. Néanmoins, en raison de situations conjoncturelles différentes ou de problèmes structurels spécifiques, les hausses de taux n’ont pas suivi le même rythme (...).

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  • Christophe Blot, 2006. "La BCE a-t-elle raison d'augmenter ses taux?," Sciences Po publications info:hdl:2441/2369, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/2369
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