Macro-économie / Taux
Macro-économie / Taux
Mais que fait le fisc ?
Les entreprises sont à la recherche de financement tandis que les ménages laissent reposer leurs économies. Cette épargne dormante devrait être dirigée vers l’économie réelle.
euros - argent - épargne - cochon
La crise actuelle a eu le double effet de contracter la demande et d’augmenter la propension des ménages à mettre de l’argent de côté. Le climat d’incertitude et la diminution des possibilités de dépenses dans les loisirs et le tourisme a entraîné une hausse significative du taux d'épargne qui s'établit à 27,4 % au deuxième semestre de l'année 2020 alors qu'il était autour de 15 % en moyenne, avant la pandémie. Le montant total de l'épargne des Français au cours des huit premiers mois de l'année s'élève à 86,7 milliards d'euros et selon les chiffres de la Banque de France, elle devrait avoisiner les 100 milliards d'euros à la fin de l'année. Tandis que cette manne s’accumule dans des livrets, des dépôts à vue, ou des fonds euros des contrats d’assurance vie, beaucoup de petites et moyennes entreprises (TPE et PME) sont au bord de la faillite. Le dispositif des Prêts garantis par l'État a été prolongé de six mois à la suite de l'annonce du couvre-feu mais la plupart des petites entreprises ne sont pas éligibles à l'obtention de ce type de prêt et poursuivent leur recherche de financement en essayant notamment d’attirer de nouveaux actionnaires.
La France a déjà connu un problème similaire. Dans les années 1980, le monde connaît une forte récession économique. Le ministre de l’économie français Jacques Delors, dans le cadre d’une politique de relance, avait alors opéré plusieurs réformes afin de rediriger l’épargne vers l’économie réelle. Il avait à cette fin introduit de nouveaux produits financiers comme les certificats d’investissement, les titres participatifs, les CODEVI, et les livrets d’épargne populaire. C’est le même type de réforme dont la France aurait besoin aujourd’hui. Un changement de la structure du crédit qui permettrait aux particuliers d’épargner en plaçant leur capital dans des livrets destinés à financer la reprise des entreprises. Ce transfert de placement se fera si ces livrets sont rendus fiscalement attractifs. Un effort a déjà été fait dans ce sens : jeudi 10 octobre, Bpifrance a lancé un fonds de private equity, Bpifrance Entreprise 1, destiné aux particuliers afin qu'ils puissent investir dans des sociétés non cotées. L'initiative représente au total 190 millions d'euros et se veut être la première d'une longue série. C'est la seconde tentative d'orientation de l'épargne français vers le capital des PME, la première intitulée PEA-PME n'ayant pas remporté un franc succès. Il est également essentiel pour que ces dispositifs fonctionnent, qu'il devienne facile de virer son argent depuis un contrat d’assurance-vie vers ces nouveaux instruments financiers. À cette fin, le fonds récemment crée par Bpifrance est rendu accessible via une plateforme numérique, et via une société de gestion, 123 IM, proche des banques et assurances.
Jacques Delors avait par ailleurs pris l’initiative de décentraliser la structure du crédit de l’État en créant des chambres régionales des comptes. Favoriser l’investissement territorial pourrait aussi être une solution envisagée pour répondre à la crise. Affaire à suivre.
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