{"id":83344,"date":"2016-03-10T21:02:56","date_gmt":"2016-03-10T20:02:56","guid":{"rendered":"http:\/\/www.pauljorion.com\/blog\/?p=83344"},"modified":"2016-03-10T21:26:25","modified_gmt":"2016-03-10T20:26:25","slug":"ou-est-le-diable-quand-la-bce-sen-mele-par-francois-leclerc","status":"publish","type":"post","link":"https:\/\/www.pauljorion.com\/blog\/2016\/03\/10\/ou-est-le-diable-quand-la-bce-sen-mele-par-francois-leclerc\/","title":{"rendered":"<b>O\u00d9 EST LE DIABLE QUAND LA BCE S&rsquo;EN M\u00caLE ?<\/b>, Par Fran\u00e7ois Leclerc"},"content":{"rendered":"<blockquote>\n<ul>\n<li>Billet invit\u00e9.<\/li>\n<\/ul>\n<\/blockquote>\n<p>Deux des mesures annonc\u00e9es par Mario Draghi, qui n\u2019a pas d\u00e9chain\u00e9 l\u2019enthousiasme \u00e0 voir la baisse des places boursi\u00e8res qui s\u2019en est suivie, m\u00e9ritent d\u2019\u00eatre regard\u00e9es de plus pr\u00e8s.<\/p>\n<p><!--more--><\/p>\n<p>La proportion maximum d\u2019une \u00e9mission de titres obligataires que la BCE pouvait acheter a \u00e9t\u00e9 \u00e9lev\u00e9e de 30 \u00e0 50%, ce qui la met en position d\u2019accepter ou de faire obstacle \u00e0 toute restructuration de dette sur ces titres, le seuil des clauses d\u2019action collective \u00e9tant g\u00e9n\u00e9ralement de 30%.<\/p>\n<p>Les LTRO, ces pr\u00eats aux banques aux conditions d\u00e9fiant toute concurrence, pourront \u00eatre assortis de taux n\u00e9gatifs \u00e0 condition que les b\u00e9n\u00e9ficiaires fassent circuler les liquidit\u00e9s correspondantes. Ce dispositif visant \u00e0 soulager les banques dont les d\u00e9p\u00f4ts \u00e0 la BCE sont devenus payants, revient donc \u00e0 ce qu\u2019elles soient r\u00e9mun\u00e9r\u00e9es quand elles empruntent \u00e0 la BCE dans ce cadre en compensation. Mais rien n\u2019est dit sur ce que signifient cette circulation et son contr\u00f4le&#8230;<\/p>\n<p>Mario Draghi arborait la m\u00eame cravate que le jour o\u00f9 il a fait reculer les march\u00e9s en annon\u00e7ant que la BCE \u00ab\u00a0ferait ce qu\u2019il faut\u00a0\u00bb, \u00e0 la suite de quoi il est devenu Super-Mario &#8230;. Mais la comparaison s\u2019arr\u00eatera l\u00e0.<\/p>\n","protected":false},"excerpt":{"rendered":"<blockquote>\n<ul>\n<li>Billet invit\u00e9.<\/li>\n<\/ul>\n<\/blockquote>\n<p>Deux des mesures annonc\u00e9es par Mario Draghi, qui n\u2019a pas d\u00e9chain\u00e9 l\u2019enthousiasme \u00e0 voir la baisse des places boursi\u00e8res qui s\u2019en est suivie, m\u00e9ritent d\u2019\u00eatre regard\u00e9es de plus pr\u00e8s.<\/p>\n","protected":false},"author":37,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","footnotes":""},"categories":[24,204,307],"tags":[80,265],"class_list":["post-83344","post","type-post","status-publish","format-standard","hentry","category-blog","category-europe","category-finance","tag-bce","tag-mario-draghi"],"_links":{"self":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/83344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/comments?post=83344"}],"version-history":[{"count":5,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/83344\/revisions"}],"predecessor-version":[{"id":83349,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/83344\/revisions\/83349"}],"wp:attachment":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/media?parent=83344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/categories?post=83344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/tags?post=83344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}