{"id":33931,"date":"2018-07-17T11:01:49","date_gmt":"2018-07-17T09:01:49","guid":{"rendered":"https:\/\/www.gold.fr\/news\/?p=33931"},"modified":"2021-02-18T13:58:34","modified_gmt":"2021-02-18T12:58:34","slug":"la-bce-se-prepare-a-mettre-fin-au-quantitative-easing-quel-sera-limpact","status":"publish","type":"post","link":"https:\/\/www.gold.fr\/news\/2018\/07\/17\/la-bce-se-prepare-a-mettre-fin-au-quantitative-easing-quel-sera-limpact\/","title":{"rendered":"La BCE se pr\u00e9pare \u00e0 mettre fin au quantitative easing : quel sera l&rsquo;impact ?"},"content":{"rendered":"<p><center><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-33932 size-full\" title=\"La BCE se pr\u00e9pare \u00e0 mettre fin au quantitative easing : quel sera l'impact ?\" src=\"https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/BCE.jpg\" alt=\"La BCE se pr\u00e9pare \u00e0 mettre fin au quantitative easing : quel sera l'impact ?\" width=\"650\" height=\"250\" srcset=\"https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/BCE.jpg 650w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/BCE-300x115.jpg 300w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/BCE-298x115.jpg 298w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/BCE-3x1.jpg 3w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/center>Avec pour objectif de relancer l&rsquo;\u00e9conomie et d&rsquo;all\u00e9ger la dette des Etats, la Banque Centrale europ\u00e9enne (BCE) a lanc\u00e9 en 2015 un vaste programme de rachats d&rsquo;actifs. Ce Quantitative Easing (Assouplissement quantitatif) va prendre fin en d\u00e9cembre 2018. \u00c0 quoi s&rsquo;attendre apr\u00e8s l&rsquo;arr\u00eat de ce programme\u2009?<\/p>\n<h2>L&rsquo;historique du Quantitative Easing<\/h2>\n<p style=\"line-height: 22px;\">\u00c0 compter de 2015, la <strong>BCE<\/strong> lance son programme de <strong>Quantitative Easing (QE)<\/strong> visant \u00e0 acheter les obligations \u00e9mises par les \u00c9tats europ\u00e9ens. Sont \u00e9galement concern\u00e9s les emprunts souscrits par les banques et les entreprises. L&rsquo;offre \u00e9tant d\u00e8s lors sensiblement sup\u00e9rieure \u00e0 la demande, les taux d&rsquo;int\u00e9r\u00eat baissent pour atteindre 0 % : de l&rsquo;argent gratuit.<\/p>\n<p style=\"line-height: 22px;\">Du d\u00e9but de 2015 \u00e0 fin 2016, le montant des rachats est de 80 milliards d&rsquo;euros par mois. D\u00e9but 2017, la BCE baisse son aide \u00e0 30 milliards d&rsquo;euros. D&rsquo;octobre \u00e0 d\u00e9cembre 2018, le QE portera sur \u00ab\u2009seulement\u2009\u00bb 15 milliards d&rsquo;euros par mois. Au total, 2\u2009400 milliards d&rsquo;euros de liquidit\u00e9s auront ainsi \u00e9t\u00e9 inject\u00e9s dans l&rsquo;\u00e9conomie europ\u00e9enne.<\/p>\n<h2>Un co\u00fbteux programme aux r\u00e9sultats mitig\u00e9s<\/h2>\n<p style=\"line-height: 22px;\">En juin 2017, <a href=\"http:\/\/www.ecb.europa.eu\/pub\/pdf\/scpwps\/ecb.wp.2075.en.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">la BCE a publi\u00e9 une \u00e9tude\u00a0portant sur l\u2019efficacit\u00e9 du dispositif<\/a>. D&rsquo;apr\u00e8s ce rapport, le QE s&rsquo;est accompagn\u00e9 d&rsquo;un gain de PIB de 0,18 pont sur l&rsquo;ann\u00e9e 2015, mais cet effet s&rsquo;est progressivement dissip\u00e9 \u00e0 partir de 2016.<\/p>\n<p>En suppl\u00e9ment d&rsquo;une efficacit\u00e9 tr\u00e8s relative, de nombreux experts soulignent les effets n\u00e9gatifs du QE :<\/p>\n<ul>\n<li>Faute de projets \u00e0 financer, les banques ont parfois utilis\u00e9 cet \u00ab\u2009<strong>argent facile<\/strong>\u2009\u00bb dans des op\u00e9rations de sp\u00e9culation.<\/li>\n<li>Les emprunts souscrits par les \u00c9tats co\u00fbtant moins cher, ces derniers ont largement exploit\u00e9 cette \u00ab\u2009facilit\u00e9 de caisse\u2009\u00bb sans trop se soucier du d\u00e9ficit public. La dette publique fran\u00e7aise a ainsi \u00e9t\u00e9 multipli\u00e9e par 2,5 entre 2000 et 2015.<\/li>\n<li>Faute de rendement attractif, de nombreux investisseurs se sont d\u00e9tourn\u00e9s des titres de la dette souveraine. Ils se sont tourn\u00e9s soit vers des actifs \u00e0 risques, soit vers Etats permettant une meilleure r\u00e9mun\u00e9ration de leurs investissements. En France, les contrats d&rsquo;assurance vie ont \u00e9t\u00e9 une des victimes de cette baisse de rendement.<\/li>\n<\/ul>\n<p style=\"line-height: 22px;\">\u00c0 noter que sur la p\u00e9riode allant de janvier 2015 \u00e0 mi-juillet 2018, l&rsquo;<strong>investissement dans l&rsquo;or physique<\/strong> est rest\u00e9 rentable avec un gain de 6,73 %.<\/p>\n<h2>Des premiers effets attendus \u00e0 la mi-2019<\/h2>\n<p style=\"line-height: 22px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-33935 size-medium\" src=\"https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468-300x150.jpg\" alt=\"\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468-300x150.jpg 300w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468-768x384.jpg 768w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468-1024x512.jpg 1024w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468-298x149.jpg 298w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468-2x1.jpg 2w, https:\/\/www.gold.fr\/news\/wp-content\/uploads\/2018\/07\/1518470468.jpg 1200w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>M\u00eame si la BCE s&rsquo;est engag\u00e9e \u00e0 financer dans les m\u00eames conditions les anciennes obligations d&rsquo;Etat, il est clair que le <a href=\"https:\/\/www.gold.fr\/cours-argent-prix-de-l-argent\/\"><strong>prix de l&rsquo;argent<\/strong><\/a> va augmenter pour les banques et donc pour leurs clients. Un premier mouvement haussier est attendu pour l&rsquo;\u00e9t\u00e9 2019 alors que la reprise \u00e9conomique est encore faible.<\/p>\n<p style=\"line-height: 22px;\">Si les entreprises risquent d&rsquo;\u00eatre amen\u00e9es \u00e0 r\u00e9duire leurs <strong>investissements<\/strong>, les particuliers ne manqueront pas d&rsquo;\u00eatre touch\u00e9s. Une hausse des taux d&rsquo;int\u00e9r\u00eat en mati\u00e8re de cr\u00e9dit \u00e0 la consommation ainsi que sur les pr\u00eats immobiliers, un secteur particuli\u00e8rement sensible pour l&rsquo;\u00e9conomie fran\u00e7aise. Un autre danger concerne les banques se seraient livr\u00e9es \u00e0 des montages financiers sp\u00e9culatifs.<\/p>\n<p style=\"line-height: 22px;\">La <strong>banque Centrale europ\u00e9enne<\/strong> est parfaitement consciente de ces risques, mais parie sur une croissance moyenne de 2,2 % sur la zone euro lors des prochaines ann\u00e9es. Nombreux sont toutefois les \u00e9conomistes qui trouvent bien trop optimiste les pr\u00e9visions de la <strong>BCE<\/strong> en envisageant un taux inf\u00e9rieur \u00e0 2 % sur les ann\u00e9es de 2018 \u00e0 2020.<\/p>\n<p style=\"line-height: 22px;\">Une autre interrogation porte sur la mani\u00e8re adopt\u00e9e par les banques pour r\u00e9percuter la hausse des taux d&rsquo;int\u00e9r\u00eat aupr\u00e8s de leurs clients. Les \u00e9tablissements financiers vont devoir choisir entre objectifs commerciaux et r\u00e9alit\u00e9, ce qui n&rsquo;est pas sans rappeler les origines des crises financi\u00e8res de 2008 et 2010.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Avec pour objectif de relancer l&rsquo;\u00e9conomie et d&rsquo;all\u00e9ger la dette des Etats, la Banque Centrale europ\u00e9enne (BCE) a lanc\u00e9 en 2015 un vaste programme de rachats d&rsquo;actifs. Ce Quantitative Easing (Assouplissement quantitatif) va prendre fin en [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":33937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false,"_pgmb_is_evergreen":false,"_pgmb_ap_template_id":0,"footnotes":""},"categories":[4,6],"tags":[1023,143],"ppma_author":[2565],"class_list":["post-33931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyses-economiques","category-articles-de-presse","tag-banque-centrale","tag-bce"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>La BCE se pr\u00e9pare \u00e0 mettre fin au quantitative easing : quel sera l&#039;impact ? - Gold.fr<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gold.fr\/news\/2018\/07\/17\/la-bce-se-prepare-a-mettre-fin-au-quantitative-easing-quel-sera-limpact\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La BCE se pr\u00e9pare \u00e0 mettre fin au quantitative easing : quel sera l&#039;impact ? - Gold.fr\" \/>\n<meta property=\"og:description\" content=\"Avec pour objectif de relancer l&rsquo;\u00e9conomie et d&rsquo;all\u00e9ger la dette des Etats, la Banque Centrale europ\u00e9enne (BCE) a lanc\u00e9 en 2015 un vaste programme de rachats d&rsquo;actifs. 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