{"id":3035,"date":"2018-05-03T09:52:30","date_gmt":"2018-05-03T09:52:30","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3035"},"modified":"2024-04-11T15:41:17","modified_gmt":"2024-04-11T15:41:17","slug":"are-the-european-commission-and-the-imf-right-about-italy","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/05\/are-the-european-commission-and-the-imf-right-about-italy\/","title":{"rendered":"La Commission europ\u00e9enne et le FMI ont-ils raison \u00e0 propos de l\u2019Italie?"},"content":{"rendered":"\n<p>Des faiblesses structurelles persistantes, des d\u00e9s\u00e9quilibres et une vuln\u00e9rabilit\u00e9 financi\u00e8re. C\u2019est notamment en ces termes que le Fonds Mon\u00e9taire International (FMI) a d\u00e9crit l\u2019\u00e9conomie italienne dans son<strong> <a href=\"https:\/\/www.imf.org\/en\/Publications\/CR\/Issues\/2017\/07\/27\/Italy-2017-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-Executive-45139\" target=\"_blank\" rel=\"noreferrer noopener\">r\u00e9cent rapport sur le pays<\/a><\/strong><span style=\"color: #000000\">. Pr\u00e8s de dix ans apr\u00e8s la crise financi\u00e8re mondiale, les perspectives \u00e9conomiques de l\u2019Italie restent sombres et les co\u00fbts support\u00e9s de mani\u00e8re disproportionn\u00e9e par les actifs et la jeune g\u00e9n\u00e9ration. L\u2019\u00e9lectorat est extr\u00eamement divis\u00e9, et l\u2019absence d\u2019ex\u00e9cutif compromet les perspectives de r\u00e9formes et d\u2019ajustements, pourtant essentielles. Le revenu disponible r\u00e9el par habitant est inf\u00e9rieur \u00e0 ce qu\u2019il \u00e9tait avant l\u2019entr\u00e9e de l\u2019Italie dans la zone euro, alors que ses partenaires europ\u00e9ens devraient creuser encore plus l\u2019\u00e9cart en termes de croissance du PIB par habitant et de revenus dans la d\u00e9cennie \u00e0 venir.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png\" data-rel=\"lightbox-gallery-AlgDHkDG\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png\" alt=\"\" class=\"wp-image-3042\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy--300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy--768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n\n\n\n<p>L\u2019Italie est la troisi\u00e8me \u00e9conomie de la zone euro, et repr\u00e9sente 16&nbsp;% de son PIB. La Commission europ\u00e9enne a d\u00e9j\u00e0 pr\u00e9venu<span style=\"color: #000000\"> les march\u00e9s que compte tenu de sa taille, l\u2019\u00e9conomie italienne constituait potentiellement une source de risque majeure pour la zone euro sur le plan \u00e9conomique et financier. Son ratio dette publique\/PIB oscille autour de 133&nbsp;%, le plus \u00e9lev\u00e9 de l\u2019Union europ\u00e9enne (UE) apr\u00e8s la Gr\u00e8ce. Le taux de cr\u00e9ances douteuses se situe \u00e0 environ 21&nbsp;% du PIB, ce qui en fait l&rsquo;un des plus \u00e9lev\u00e9s de l\u2019UE. Gr\u00e2ce \u00e0 une politique mon\u00e9taire ultra-accommodante qui fournit des liquidit\u00e9s abondantes et permet d\u2019\u00e9viter une crise \u00e0 court terme, la Banque centrale europ\u00e9enne (BCE) et son pr\u00e9sident Mario Draghi sont parvenus \u00e0 emp\u00eacher la sortie d\u2019un \u00c9tat membre de la zone euro.<\/span><\/p>\n\n\n\n<p>\u00c0 plus long terme, l\u2019\u00e9conomie italienne fait face \u00e0 des probl\u00e8mes importants qui devront \u00eatre r\u00e9gl\u00e9s afin de r\u00e9sister \u00e0 un environnement \u00e9conomique plus difficile. Compte tenu des faiblesses structurelles dont souffre son \u00e9conomie (comme les co\u00fbts unitaires de main-d&rsquo;\u0153uvre importants, le taux d\u2019imposition \u00e9lev\u00e9, les obstacles \u00e0 la concurrence ou le secteur public inefficace), l\u2019Italie va-t-elle demander \u00e0 sortir de l\u2019Union \u00c9conomique et Mon\u00e9taire de l\u2019Union europ\u00e9enne (UEM)?<\/p>\n\n\n\n<p>\u00c9tant donn\u00e9 le contexte politique et \u00e9conomique, il n\u2019est gu\u00e8re surprenant que <a href=\"https:\/\/www.politico.eu\/article\/italy-euroskeptic-surge-migration-crisis-eu\/\" target=\"_blank\" rel=\"noopener noreferrer\"><b>les r\u00e9sultats d\u2019un r\u00e9cent sondage<\/b><\/a><span style=\"color: #000000\"> aient indiqu\u00e9 que si l\u2019Italie organisait un r\u00e9f\u00e9rendum sur sa sortie de l\u2019UE, 51&nbsp;% des \u00e9lecteurs de moins de 45&nbsp;ans voteraient \u00ab&nbsp;oui&nbsp;\u00bb, et 46&nbsp;% \u00ab&nbsp;non&nbsp;\u00bb&nbsp;(les \u00e9lecteurs de plus de 45&nbsp;ans soutiendraient le maintien de leur pays dans l\u2019UE \u00e0 68&nbsp;% contre 26&nbsp;%). Les jeunes \u00e9lecteurs italiens sont insatisfaits de l\u2019UE, et consid\u00e8rent que la convergence \u00e9conomique entre les \u00c9tats membres s\u2019est faite au d\u00e9triment de l\u2019Italie. Mais \u00e9tant donn\u00e9 que pr\u00e8s de la moiti\u00e9 de la population italienne a plus de 45&nbsp;ans, les jeunes en \u00e2ge de voter sont largement minoritaires et la probabilit\u00e9 que l\u2019Italie d\u00e9clenche l\u2019article&nbsp;50 est faible.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png\" data-rel=\"lightbox-gallery-AlgDHkDG\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png\" alt=\"\" class=\"wp-image-3043\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy--300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy--768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n\n\n\n<p>La situation de l\u2019Italie serait-elle meilleure hors de l\u2019UE et de l\u2019UEM&nbsp;? C\u2019est peu probable. La sortie de l\u2019UEM par l\u2019un des \u00c9tats membres aurait sans doute pour cons\u00e9quences des sorties de capitaux et des retraits massifs de d\u00e9p\u00f4ts, et an\u00e9antirait le syst\u00e8me. La d\u00e9valuation de la nouvelle devise entra\u00eenerait aussit\u00f4t une hausse de l\u2019inflation et une baisse significative des salaires. Le pays serait confront\u00e9 \u00e0 d\u2019innombrables cons\u00e9quences juridiques portant sur tout un \u00e9ventail de questions complexes, et notamment la validit\u00e9 et le caract\u00e8re ex\u00e9cutoire des contrats relibell\u00e9s en vigueur et des obligations envers les cr\u00e9anciers. C\u2019est pour ces raisons, et beaucoup d\u2019autres encore, que plusieurs gouvernements grecs ont renonc\u00e9 \u00e0 un \u00ab&nbsp;Grexit&nbsp;\u00bb et ont opt\u00e9 pour des plans de sauvetage.<\/p>\n\n\n\n<p>Les perspectives de l\u2019\u00e9conomie italienne ne sont pas particuli\u00e8rement r\u00e9jouissantes au sein de l\u2019UEM, comme en t\u00e9moigne la faiblesse des pr\u00e9visions de croissance \u00e0 moyen terme du FMI. L\u2019Italie est \u00e9galement dans l\u2019expectative de d\u00e9valuations internes douloureuses au cours de la d\u00e9cennie \u00e0 venir, voire au-del\u00e0. Par exemple, on <b><a href=\"https:\/\/medium.com\/euvisions\/is-leaving-the-euro-a-realistic-solution-for-italy-c0e0c7e6664a\" target=\"_blank\" rel=\"noreferrer noopener\">estime<\/a><\/b><span style=\"color: #000000\"> que les salaires nominaux devront subir une d\u00e9valuation de 20\u00a0%, et m\u00eame de plus de 30\u00a0% dans le secteur manufacturier, pour que le pays puisse retrouver sa comp\u00e9titivit\u00e9 face \u00e0 l\u2019Allemagne. En l\u2019absence de d\u00e9valuation interne \u00e0 la fa\u00e7on grecque, il semble que l\u2019Italie doive continuer \u00e0 aller de l\u2019avant tant bien que mal, mais l\u2019absence de gouvernement emp\u00eache le pays d\u2019op\u00e9rer les changements n\u00e9cessaires \u00e0 l\u2019\u00e9conomie pour surmonter ses probl\u00e8mes structurels.<\/span><\/p>\n\n\n\n<p>Le d\u00e9faut de r\u00e9formes structurelles, le ratio dette publique\/PIB \u00e9lev\u00e9, le retrait tr\u00e8s progressif des mesures d\u2019assouplissement quantitatif et le potentiel changement de politique mon\u00e9taire de la BCE (qui accueillera un nouveau pr\u00e9sident en novembre 2019) incite les investisseurs obligataires \u00e0 une certaine prudence s\u2019agissant des emprunts d\u2019\u00c9tat italiens \u00e0 longue \u00e9ch\u00e9ance. Le spread entre l\u2019emprunt italien et le Bund \u00e0 10&nbsp;ans est de 119&nbsp;points de base, inf\u00e9rieur \u00e0 sa moyenne \u00e0 5&nbsp;ans de 159&nbsp;points de base, ce qui alt\u00e8re quelque peu les d\u00e9fis qui attendent l\u2019\u00e9conomie italienne. En outre, les rendements italiens sont fauss\u00e9s par les mesures d\u2019assouplissement quantitatif, et on estime que 28&nbsp;% des emprunts d\u2019\u00c9tat italiens sont d\u00e9tenus par la BCE. Le faible spread actuel par rapport au Bund est \u00e9galement r\u00e9v\u00e9lateur d\u2019un march\u00e9 en qu\u00eate de rendement, encourag\u00e9 par les faibles rendements des emprunts d&rsquo;\u00c9tat des pays \u00ab&nbsp;core&nbsp;\u00bb de l\u2019Europe. En termes relatifs, les emprunts d\u2019\u00c9tat italiens \u00e0 10&nbsp;ans pr\u00e9sentent des spreads plus importants que ceux de leurs principaux partenaires de l\u2019UEM, y compris les pays p\u00e9riph\u00e9riques responsables de la crise de la zone euro.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png\" data-rel=\"lightbox-gallery-AlgDHkDG\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png\" alt=\"\" class=\"wp-image-3044\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy-.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy--300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-Are-the-European-Commission-and-the-IMF-right-about-Italy--768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n\n\n\n<p>L\u2019environnement actuel, favorable au plan macro\u00e9conomique et mon\u00e9taire, ne durera pas ind\u00e9finiment. Il est urgent que les autorit\u00e9s italiennes et europ\u00e9ennes tiennent compte des mises en garde du FMI et qu\u2019elles abordent la question de la vuln\u00e9rabilit\u00e9 de l\u2019\u00e9conomie italienne. \u00c0 d\u00e9faut, on peut s&rsquo;interroger sur la capacit\u00e9 de l\u2019Italie \u00e0 provoquer une nouvelle crise \u00e9conomique en Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Des faiblesses structurelles persistantes, des d\u00e9s\u00e9quilibres et une vuln\u00e9rabilit\u00e9 financi\u00e8re. C\u2019est notamment en ces termes que le Fonds Mon\u00e9taire International (FMI) a d\u00e9crit l\u2019\u00e9conomie italienne dans son r\u00e9cent rapport sur le pays. Pr\u00e8s de dix ans apr\u00e8s la crise financi\u00e8re mondiale, les perspectives \u00e9conomiques de l\u2019Italie restent sombres et les co\u00fbts support\u00e9s de mani\u00e8re disproportionn\u00e9e par les actifs et la jeune g\u00e9n\u00e9ration. L\u2019\u00e9lectorat est extr\u00eamement divis\u00e9, et l\u2019absence d\u2019ex\u00e9cutif compromet les perspectives de r\u00e9formes et d\u2019ajustements, pourtant essentielles. Le revenu disponible r\u00e9el par habitant est&#8230;<\/p>\n","protected":false},"author":191,"featured_media":4281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[234,8,67],"tags":[77,144,244],"class_list":["post-3035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-des-pays","category-macroeconomie-et-politique","category-zone-euro-2","tag-europe","tag-imf","tag-italie"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>La Commission europ\u00e9enne et le FMI ont-ils raison \u00e0 propos de l\u2019Italie? - Francais<\/title>\n<meta name=\"description\" content=\"Des faiblesses structurelles persistantes, des d\u00e9s\u00e9quilibres et une vuln\u00e9rabilit\u00e9 financi\u00e8re. 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