La BCE dans l'aventure des taux négatifs : la NIRP

• Autorzy: Christian Bordes

Warianty tytułu

The ECB in the Adventure of Negative Rates: The NIRP

• Języki publikacji: FR

Abstrakty

La BCE a été la première des banques centrales du G4 à faire entrer, en juin 2014, son taux d ' intérêt en territoire négatif (NIRP, Negative Interest Rate Policy). Dans l ' arsenal utilisé, cette mesure est la plus controversée. Cet article vise à dresser un panorama de la NIRP. Son adoption marque, fin 2014 - début 2015, le passage de l ' action de la BCE à une politique monétaire véritablement non conventionnelle. Elle témoigne d ' une nouvelle stratégie d ' assouplissement monétaire, bien plus radicale, où la NIRP compose, avec le « guidage prospectif » et un programme d ' achats d ' actifs, un triptyque destiné à stopper une spirale déflationniste. Ses mécanismes de transmission et ses effets attendus sont discutés à la lumière de la théorie et des expériences précédentes, en Suède et au Danemark. Puis, un bilan d ' étape est proposé, au regard de l ' objectif poursuivi tout en s ' interrogeant sur ses effets controversés, notamment pour le système bancaire de la zone euro. Enfin, les principaux enseignements de cette véritable aventure en terres inconnues sont tirés et les difficultés pour en sortir évoquées.(abstrakt oryginalny)

EN

The ECB was the first of the G4 central banks to bring its interest rate into negative territory (NIRP, Negative Interest Rate Policy) in June 2014. In the arsenal used by the ECB, it is undoubtedly the most controversial. The aim of the article is to give an overview of this experience. He underlines that the adoption of the NIRP marks, in late 2014 - early 2015, the transition of ECB action to a truly unconventional monetary policy. It is part of the adoption of a new, much more radical, monetary easing strategy, in which the NIRP composes, with forward-looking guidance and an asset purchase program, a triptych intended to fight against triggering a deflationary spiral and bringing inflation close to the target set by the ECB. Its transmission mechanisms and expected effects are then presented along with the main lessons from NIRP previous experiences in Sweden and Denmark. Afterwards, a progress report is proposed, with regard to the objective pursued, where the controversy surrounding its effects is exposed, by questioning in particular its consequences for the situation of the banking system in the euro zone. Finally, the main lessons from this real adventure in unknown lands are learned and the difficulties encountered in leaving the NIRP mentioned.(original abstract)

Słowa kluczowe

EN

Monetary Policy of the ECB; Central banks; Central bank's role in the economy; Exchange rate policy

PL

Polityka pieniężna Europejskiego Banku Centralnego; Banki centralne; Rola banku centralnego w gospodarce; Polityka walutowa

• Czasopismo: Revue Internationale des Economistes de Langue Française : revue de l'Association Internationale de Economistes de Langue Française avec la collaboration Université des Sciences Economiques et de Gestion
• Rocznik: 2020
• Tom: 5
• Numer: nr 1
• Strony: 9--35

Twórcy

autor

Christian Bordes

• Université de Paris Sorbonne, Paris, France

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