Lecture du jour

Trichet sur la politique de l'ECB. Ayant contrasté les systèmes financiers européens et américains ("the United States has a primarily market-based financial system; in contrast, the financial system of the euro area is largely bank-centred") il explique:

Clearly, while sharing a common purpose, the ECB and the Federal Reserve have relied on different channels of transmission. And as I explained earlier, this is justified by the profound differences in the financial and economic structures of the euro area and the United States. In the context of the euro area, guaranteeing steady access to credit for households and companies largely means preserving the viability of the banking system. Banks play such a dominant role in our economy that it was appropriate until now for our non-standard measures to be implemented through the intervention in and with the active participation of the banks.

Budi confesse de bonne grâce qu'il n'a pas appris grand chose, mais Trichet parait très content de lui, as usual.