{"id":1429,"date":"2020-03-26T08:30:42","date_gmt":"2020-03-26T07:30:42","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=1429"},"modified":"2023-03-03T16:47:57","modified_gmt":"2023-03-03T15:47:57","slug":"ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/2020\/03\/26\/ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux\/","title":{"rendered":"L\u2019ordonnance de la BCE contre le coronavirus oublie les maux sociaux et environnementaux"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><h4 class=\"fusion-responsive-typography-calculated\" style=\"text-align: justify; --fontsize: 19; line-height: 1.5; --minfontsize: 19;\" data-fontsize=\"19\" data-lineheight=\"28.5px\"><b>Dans le contexte de mobilisation g\u00e9n\u00e9rale contre le coronavirus, Reclaim Finance consid\u00e8re que la r\u00e9ponse exceptionnelle de la BCE, si elle permettra sans aucun doute d\u2019entretenir la liquidit\u00e9 des march\u00e9s, pourrait bien passer \u00e0 c\u00f4t\u00e9 de l\u2019essentiel : venir en aide aux plus vuln\u00e9rables et prot\u00e9ger l\u2019avenir. <\/b><\/h4>\n<p style=\"text-align: justify;\">Contre le coronavirus, quelle est l&rsquo;ordonnance de la BCE ? Une activation des leviers mon\u00e9taires, afin d&rsquo;accro\u00eetre la liquidit\u00e9 des march\u00e9s, et un assouplissement des r\u00e8gles prudentielles, pour \u00ab all\u00e9ger \u00bb le travail des banques et leurs donner des \u00ab marges de man\u0153uvre \u00bb.<\/p>\n<p style=\"text-align: justify;\">Dans la pratique, ce rem\u00e8de pourrait ne b\u00e9n\u00e9ficier que tr\u00e8s peu aux entreprises et m\u00e9nages les plus vuln\u00e9rables et contribuer au financement des \u00e9nergies fossiles, tout en affaiblissant les m\u00e9canismes de pr\u00e9vention des risques financiers.<\/p>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: justify; --fontsize: 24; line-height: 1.5;\" data-fontsize=\"24\" data-lineheight=\"36px\"><b style=\"font-size: 20px;\" data-fusion-font=\"true\">Des liquidit\u00e9s\u2026 pour les grandes entreprises<\/b><\/h3>\n<p style=\"text-align: justify;\">La politique mon\u00e9taire de la BCE repose principalement sur deux leviers :<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><b>1. Les achats d&rsquo;actifs (quantitative easing) : la Banque Centrale ach\u00e8te directement des obligations et titres d&rsquo;entreprises, de banques ou d&rsquo;\u00e9tats.<\/b><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Le <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2020\/html\/ecb.mp200312~8d3aec3ff2.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>12<\/u><\/a> puis le <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2020\/html\/ecb.pr200318_1~3949d6f266.en.html\"><u>18<\/u><\/a> mars, la <\/span><a style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2020\/html\/ecb.pr200318_1~3949d6f266.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>BCE<\/u><\/a><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"> a annonc\u00e9 l\u2019augmentation de ces rachats d\u2019actifs de 870 milliards d\u2019euros \u2013 36% du PIB de la France &#8211; pour atteindre 1010 milliards sur l\u2019ann\u00e9e 2020. Selon la politique adopt\u00e9e par la BCE en mati\u00e8re de rachat d\u2019obligations d\u2019\u00e9tats, ils repr\u00e9senteront de 70 \u00e0 210 milliards de rachats de titres des entreprises. <\/span>(Lire notre <a href=\"https:\/\/reclaimfinance.org\/site\/2020\/03\/26\/870-milliards-supplementaires-de-qe-combien-iront-aux-entreprises-les-plus-polluantes\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>article<\/u><\/a> 870 milliards suppl\u00e9mentaires de QE : combien iront aux entreprises les plus polluantes ?)<\/li>\n<li style=\"text-align: justify;\">Les rachats de titres d\u2019entreprises concernent tous les secteurs sans distinction et d\u00e9pendent largement de la pr\u00e9sence des entreprises sur les march\u00e9s de capitaux. Ces fonds ne vont donc pas b\u00e9n\u00e9ficier aux petites entreprises et aux m\u00e9nages mais toucheront principalement les grandes entreprises et, parmi elles, les entreprises les plus polluantes : celles-ci pourraient percevoir de 132 \u00e0 40 milliards de financement suppl\u00e9mentaires par ce canal. (Lire notre <a href=\"https:\/\/reclaimfinance.org\/site\/2020\/03\/26\/870-milliards-supplementaires-de-qe-combien-iront-aux-entreprises-les-plus-polluantes\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>article <\/u><\/a>870 milliards suppl\u00e9mentaires de QE : combien iront aux entreprises les plus polluantes ?)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b>2. Les pr\u00eats : de plusieurs types avec \u00e9ch\u00e9ances et taux variables, ils permettent aux banques de se financer en d\u00e9posant des actifs (collat\u00e9raux) aupr\u00e8s de la Banque centrale.<\/b><\/p>\n<ul>\n<li style=\"text-align: justify;\">D\u00e8s le 12 mars, la BCE a am\u00e9nag\u00e9 ses op\u00e9rations de <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2020\/html\/ecb.pr200312_1~39db50b717.en.html\" target=\"_blank\" rel=\"noopener noreferrer\"><u>refinancement<\/u><\/a> de long terme \u2013 pr\u00eats accord\u00e9s pour 4 ans &#8211; en mettant en place des pr\u00eats cibl\u00e9s (LTRO) \u00e0 un taux de \u2013 0,5 %. Ils joueront un r\u00f4le de relai jusqu&rsquo;au lancement des TLTRO III en juin 2020. Ceux-ci seront alors accord\u00e9s selon des conditions particuli\u00e8rement favorables jusqu&rsquo;en juin 2021, avec un taux de \u2013 0,25% descendant \u00e0 \u2013 0,75 % pour les banques respectant les exigences de pr\u00eats de la BCE. Avec ces dispositions, les banques seront r\u00e9mun\u00e9r\u00e9es pour les pr\u00eats qu&rsquo;elles accordent mais rien ne permet de fl\u00e9cher ces pr\u00eats pour aider les plus touch\u00e9s.<\/li>\n<li style=\"text-align: justify;\">A minima, il est n\u00e9cessaire de mettre en place une supervision permettant de s\u2019assurer que les pr\u00eats accord\u00e9s par les banques gr\u00e2ce aux LTRO et TLTRO III soutiennent en priorit\u00e9 les petites et moyennes entreprises et les m\u00e9nages et soient accord\u00e9s \u00e0 des taux proches des taux de refinancement, donc nuls.<\/li>\n<li style=\"text-align: justify;\">Par ailleurs, les <a style=\"text-align: justify; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" href=\"https:\/\/bruegel.org\/wp-content\/uploads\/2019\/02\/Greening-monetary-policy.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>actifs<\/u><\/a><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"> pris en garantie \u2013 ou collat\u00e9ral \u2013 par la Banque centrale contre ces pr\u00eats ne prennent pas en compte l&rsquo;impact carbone ni les risques climatiques. Les banques peuvent se financer en d\u00e9posant en collat\u00e9ral des actifs particuli\u00e8rement polluants, une situation <\/span><span style=\"text-align: justify; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">doublement <a href=\"https:\/\/neweconomics.org\/2018\/10\/reshaping-finance-for-a-1-5c-world\" target=\"_blank\" rel=\"noopener noreferrer\"><u>probl\u00e9matique<\/u><\/a><\/span><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"> car l&rsquo;acceptation d&rsquo;un actif en collat\u00e9ral par une banque centrale contribue \u00e0 sa valorisation sur les march\u00e9s. L\u2019exclusion <a href=\"https:\/\/coalexit.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">des actifs li\u00e9s au secteur du charbon<\/a> et des p\u00e9troles et gaz non conventionnels de la liste des collat\u00e9raux est un premier pas indispensable vers une politique mon\u00e9taire responsable (voir <\/span><a style=\"text-align: justify; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" href=\"https:\/\/reclaimfinance.org\/site\/nos-demandes-aux-banques-centrales\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Nos demandes<\/u><\/a><span style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">).<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Sans ces ajustements les premiers b\u00e9n\u00e9ficiaires de la politique mon\u00e9taire seront toujours les banques et les grandes entreprises.<\/p>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: justify; --fontsize: 24; line-height: 1.5;\" data-fontsize=\"24\" data-lineheight=\"36px\"><b style=\"font-size: 20px;\" data-fusion-font=\"true\">L\u2019assouplissement des r\u00e8gles dont les banques r\u00eavaient<\/b><\/h3>\n<p style=\"text-align: justify;\">La BCE a prononc\u00e9 l&rsquo;assouplissement des r\u00e8gles prudentielles concernant les obligations de fonds propres et de liquidit\u00e9 des banques, le report des stress-test europ\u00e9ens et l&rsquo;octroi d&rsquo;ajustements individuels, ce dernier point laissant des marges de man\u0153uvre consid\u00e9rables aux banques nationales.<\/p>\n<p style=\"text-align: justify;\">Les banques pourront diminuer leurs r\u00e9serves et les r\u00e8gles encadrant ces obligations l\u00e9gales sont ouvertes. Les divers \u00ab coussins contracycliques \u00bb, visant notamment \u00e0 parer aux risques syst\u00e9miques et variables selon les r\u00e9gulations nationales, devraient eux aussi \u00eatre abaiss\u00e9s comme en France o\u00f9 ils ont \u00e9t\u00e9 r\u00e9duits \u00e0 z\u00e9ro.<\/p>\n<p style=\"text-align: justify;\">Ce rel\u00e2chement r\u00e9glementaire est applicable \u00e0 toutes les banques sans distinction. L\u00e0 encore, aucun crit\u00e8re ne permet de s\u2019assurer que les capacit\u00e9s de financement d\u00e9bloqu\u00e9es b\u00e9n\u00e9ficient \u00e0 ceux qui en ont le plus besoin.<\/p>\n<p style=\"text-align: justify;\">De plus, la r\u00e9duction des obligations de fonds propres de banques accro\u00eet les lacunes existantes en mati\u00e8re de couverture de risques li\u00e9s aux actifs carbon\u00e9s toujours tr\u00e8s mal pris en compte. Ces actifs devraient pourtant n\u00e9cessiter la constitution de provisions suppl\u00e9mentaires refl\u00e9tant les risques qu&rsquo;ils font peser sur le syst\u00e8me financier et att\u00e9nuant leur attractivit\u00e9 (voir Nos demandes). La mauvaise prise en compte des risques climatiques coupl\u00e9e \u00e0 un abaissement de la qualit\u00e9 et quantit\u00e9 des fonds propres augmente le risque de crise syst\u00e9mique, d\u2019autant que la crise actuelle est r\u00e9v\u00e9latrice de la faible r\u00e9silience du syst\u00e8me financier face aux chocs exog\u00e8nes comme ceux du changement climatique.<\/p>\n<p style=\"text-align: justify;\">Si la Banque de France avait annonc\u00e9 ses premiers stress-tests climatiques pour 2020, le report des stress-tests europ\u00e9ens laisse pr\u00e9sager un recul. Les risques climatiques \u00e9tant d\u00e9sormais unanimement reconnus comme un danger et la sous-pr\u00e9paration des acteurs et r\u00e9gulateurs \u00e9tant \u00e9vidente, les stress-tests report\u00e9s devront int\u00e9grer les risques climatiques et la France b\u00e9n\u00e9ficierait du maintien de ses annonces. Au demeurant, les banques devraient continuer \u00e0 tester leurs r\u00e9sistances et 2020 ne devraient pas devenir une ann\u00e9e blanche en mati\u00e8re de stress-tests, ni une ann\u00e9e de recul de la r\u00e9glementation prudentielle.<\/p>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: justify; --fontsize: 24; line-height: 1.5;\" data-fontsize=\"24\" data-lineheight=\"36px\"><b style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Remettre la solidarit\u00e9 et l\u2019environnement au centre, les propositions de Reclaim Finance :<\/b><\/h3>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">Pour lutter contre les effets du coronavirus sans sacrifier l\u2019avenir : Lire notre page <a href=\"https:\/\/reclaimfinance.org\/site\/nos-combats\/\"><u>Nos combats<\/u><\/a><\/span><\/li>\n<li style=\"text-align: justify;\">Pour une politique mon\u00e9taire et prudentielle de lutte contre le changement climatique : Lire notre page <a href=\"https:\/\/reclaimfinance.org\/site\/nos-demandes-aux-banques-centrales\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Nos demandes<\/u> aux Banques centrales<\/a><\/li>\n<\/ul>\n<\/div><div class=\"fusion-sharing-box fusion-sharing-box-1 boxed-icons has-taglines layout-floated layout-medium-floated layout-small-floated\" style=\"background-color:#333647;--awb-layout:row;--awb-alignment-small:space-between;\" data-title=\"L\u2019ordonnance de la BCE contre le coronavirus oublie les maux sociaux et environnementaux\" data-description=\"Dans le contexte de mobilisation g\u00e9n\u00e9rale contre le coronavirus, Reclaim Finance consid\u00e8re que la r\u00e9ponse exceptionnelle de la BCE, si elle permettra sans aucun doute d\u2019entretenir la liquidit\u00e9 des march\u00e9s, pourrait bien passer \u00e0 c\u00f4t\u00e9 de l\u2019essentiel : venir en aide aux plus vuln\u00e9rables et prot\u00e9ger l\u2019avenir.\" data-link=\"https:\/\/reclaimfinance.org\/site\/2020\/03\/26\/ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux\"><div class=\"fusion-social-networks sharingbox-shortcode-icon-wrapper sharingbox-shortcode-icon-wrapper-1 boxed-icons\"><span><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Freclaimfinance.org%2Fsite%2F2020%2F03%2F26%2Fordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux&amp;t=L%E2%80%99ordonnance%20de%20la%20BCE%20contre%20le%20coronavirus%20oublie%20les%20maux%20sociaux%20et%20environnementaux\" target=\"_blank\" 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