La BCE retarde le resserrement monétaire
A la suite du conseil des gouverneurs qui s'est tenu en fin de matinée, la banque centrale a annoncé que les taux directeurs seraient maintenus aux niveaux actuels "jusqu'à la fin de l'année 2019 au moins". Une inflexion majeure du forward guidance, puisque Mario Draghi avait jusqu'ici annoncé que les taux resteraient inchangés jusqu’à l'été 2019.
La BCE a par ailleurs décidé de lancer une nouvelle opération de prêts à deux ans aux banques, intitulée TLTRO-III qui débutera en septembre prochain et prendra fin en mars 2021. Dans le cadre de ces opérations, les contreparties pourront emprunter jusqu'à 30 % de l'encours des prêts éligibles au 28 février 2019, à un taux indexé sur le taux d'intérêt des opérations principales de refinancement pendant la durée de chaque opération.
Le président de la BCE devrait justifier ces annonces lors de la conférence de presse de 14H30. Mais le maintien des taux directeurs aux niveaux actuels plus longtemps que prévu ainsi que le lancement d'une nouvelle TLTRO laissent penser que la BCE est désormais plus pessimiste concernant l'évolution de l'économie de la zone euro dans les prochains mois. Ses prévisions de croissance révisées, dévoilées à 14H30 également, permettront de connaître son degré d'inquiétude quant à la conjoncture de la zone.
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