Macro-économie / Taux
Macro-économie / Taux
La BoE entre dans la danse
Malgré le Brexit, ce devait être une fin de mandat paisible pour Mark Carney, le Gouverneur de la Banque d’Angleterre. Las, celui qui cédera sa place dans quelques jours – le 16 mars – à Andrew Bailey vient d’annoncer d’importantes mesures de politique monétaire dans le cadre de la lutte contre le coronavirus. La Banque centrale britannique a pris exemple sur la Réserve fédérale américaine (Fed). Comme elle, elle a décidé d’une baisse de son taux directeur de 50 points et base – il est passé de 0,75% à 0,25% – et comme elle, son annonce a eu lieu lors d'un Comité de politique monétaire (MPC) inopiné, en amont de la réunion prévue le 26 mars. Reste que, contrairement à la Fed, la Banque d’Angleterre ne s’est pas contentée d’une simple baisse de son taux directeur - bien qu’elle soit la plus importante depuis la crise financière mondiale et que le taux d’intérêt retrouve son plus bas historique.
Afin de lutter contre ce que la BoE appelle un "choc économique qui pourrait être vif et important" mais devant être "temporaire", l’institution britannique a accompagné sa baisse de taux d’intérêt de deux autres mesures. D’une part, elle a mis en place un nouveau programme de financement à long terme appelé TFSME (Term Funding for Small and Medium-sized Enterprises). Semblable au programme mis en place à la suite du référendum sur le Brexit, il consistera pour la BoE à prêter des liquidités aux banques à un taux très avantageux (typiquement le taux directeur de la banque centrale avec une majoration) pour une durée de quatre ans – un programme similaire au TLTRO de la BCE. La BoE espère, au travers de ce canal, renforcer la transmission de sa politique monétaire à destination des entreprises et des ménages (compte tenu de l'efficacité du précédent programme, c'est l'équivalent de 100 milliards de livres qui devraient être mis à disposition selon la BoE).
D'autre part, l'institution britannique a abaissé le coussin de fonds propres contra-cyclique exigé pour les banques. Alors qu’il était de 1% et devait atteindre 2% en décembre prochain, la BoE l’a placé à 0% pour une durée qui devrait atteindre douze mois. Une manœuvre qui devrait libérer des liquidités de l'ordre de 190 milliards de livres à destination de l'économie.
Durant la conférence de presse de ce matin, Mark Carney a expliqué que lors de la dernière crise financière mondiale, le système financier était "le cœur du problème" et qu'il peut désormais être "une partie de la solution". C’est effectivement le message envoyé par la Banque centrale au regard de l'ensemble des mesures adoptées.
Même si le MPC donne aujourd'hui l'impression d'agir dans la précipitation, sa décision impromptue ne doit rien au hasard : c’est en effet aujourd’hui que Rishi Sunak, le chancelier de l’Echiquier, présentera le premier budget post-Brexit que d’aucuns présentent comme particulièrement ambitieux. Selon Neil Wilson, analyste chez Markets.com, "c'est une décision intelligente d'agir avant la prochaine réunion prévue et de faire cela le jour du budget pour maximiser l'efficacité de la baisse des taux en la liant à des mesures budgétaires". Une stratégie qu’a confirmé Mark Carney durant la conférence de presse, en déclarant que "maximiser l'efficacité de notre réponse nécessite de travailler de concert avec le Trésor, et c'est pourquoi nous agissons le jour de présentation du budget".
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