{"id":3096,"date":"2018-06-06T08:32:42","date_gmt":"2018-06-06T08:32:42","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3096"},"modified":"2018-06-29T13:21:18","modified_gmt":"2018-06-29T13:21:18","slug":"life-less-easy-ecb","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/","title":{"rendered":"Une p\u00e9riode plus d\u00e9licate pour la BCE"},"content":{"rendered":"<p>Au cours de l\u2019ann\u00e9e 2017, les perspectives \u00e9conomiques sont devenues de plus en plus porteuses pour la zone euro. Apr\u00e8s des ann\u00e9es de politique mon\u00e9taire ultra-accommodante, une reprise mondiale synchronis\u00e9e semblait s\u2019amorcer. La zone euro enregistrait des taux de croissance soutenus, suscitant r\u00e9guli\u00e8rement des surprises \u00e0 la hausse, le ch\u00f4mage continuait de baisser, le syst\u00e8me bancaire s&rsquo;\u00e9tait partiellement recapitalis\u00e9, et les co\u00fbts de financement pour les entreprises et les \u00c9tats demeuraient faibles quels que soient les indicateurs retenus. M\u00eame l&rsquo;inflation montrait des signes de convergence vers ce que la BCE consid\u00e8re comme une stabilit\u00e9 des prix. Dans les coulisses, la BCE devait se sentir de plus en plus convaincue qu\u2019une \u00e9tape avait \u00e9t\u00e9 franchie et qu\u2019elle pourrait commencer \u00e0 normaliser sa politique mon\u00e9taire d&rsquo;urgence.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\" data-rel=\"lightbox-gallery-L6szh6o8\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3102\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Moins d&rsquo;un an plus tard, son programme de normalisation est devenu beaucoup plus compliqu\u00e9. Les chiffres \u00e9conomiques sont moins bien orient\u00e9s. Et les r\u00e9cents \u00e9v\u00e9nements en Italie ont permis de rappeler qu\u2019il ne fallait pas sous-estimer les vell\u00e9it\u00e9s populistes. M\u00eame si l&rsquo;Italie ne va pas abandonner l&rsquo;euro d\u2019aussit\u00f4t, l&rsquo;absence notable de toute prise en compte du risque de cr\u00e9dit dans la valorisation des actifs italiens il y a juste un an apparait apr\u00e8s-coup imprudente. \u00c0 fin avril 2018, le rendement de l\u2019emprunt d\u2019\u00c9tat italien \u00e0 10 ans \u00e9tait inf\u00e9rieur \u00e0 2\u00a0%, et l&rsquo;ensemble des \u00e9ch\u00e9ances de moins de 3 ans \u00ab\u00a0offrait\u00a0\u00bb une r\u00e9mun\u00e9ration n\u00e9gative Un mois plus tard, les rendements des BTP s\u2019\u00e9taient tendus de fa\u00e7on spectaculaire.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\" data-rel=\"lightbox-gallery-L6szh6o8\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3103\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>La BCE se rassurera en observant la contagion jusque-l\u00e0 limit\u00e9e aux autres march\u00e9s p\u00e9riph\u00e9riques. Des r\u00e9formes structurelles, une \u00e9conomie plus solide et de meilleurs m\u00e9canismes d&rsquo;interventions expliquent en grande partie cette faible propagation. Mais revenir \u00e0 une politique de relance vu le regain de volatilit\u00e9 des march\u00e9s et le resserrement des conditions financi\u00e8res en Italie devrait rendre mal \u00e0 l\u2019aise les partisans de l\u2019assouplissement au sein du Conseil de la BCE.<\/p>\n<p>Jens Weidmann, le pr\u00e9sident de la Bundesbank allemande, et d&rsquo;autres \u00ab\u00a0faucons\u00a0\u00bb notables adopteront un point de vue diff\u00e9rent. Ils souligneront que le dernier chiffre d\u2019inflation en Allemagne est ressorti \u00e0 2,2\u00a0% et rappelleront que les march\u00e9s du travail commencent \u00e0 se tendre dans toute la zone euro.\u00a0Les \u00e9pargnants sont toujours oblig\u00e9s de prendre des risques consid\u00e9rables (de terme ou de cr\u00e9dit) pour obtenir un rendement r\u00e9el positif, et des signes avant-coureurs d\u2019exc\u00e8s et de d\u00e9s\u00e9quilibres sont en train d\u2019apparaitre. Les clauses de protection faibles ou pratiquement inexistantes sont devenues la norme dans beaucoup d&rsquo;\u00e9missions \u00e0 haut rendement et d&rsquo;op\u00e9rations de pr\u00eat \u00e0 effet de levier. Ces inqui\u00e9tudes ne sont pas infond\u00e9es.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\" data-rel=\"lightbox-gallery-L6szh6o8\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3104\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Pourtant, malgr\u00e9 ces risques, il serait dangereux de proc\u00e9der trop t\u00f4t \u00e0 un resserrement mon\u00e9taire. Arnaud Mar\u00e9s de Citigroup, ancien conseiller sp\u00e9cial de Mario Draghi, fait valoir qu&rsquo;une banque centrale a besoin d\u2019une baisse des taux directeurs de 300 \u00e0 400 points pour \u00eatre confiante dans sa capacit\u00e9 \u00e0 relancer convenablement une \u00e9conomie face \u00e0 un ralentissement. Les chances que la BCE intervienne avec une telle ampleur avant la fin du cycle en cours sont pratiquement nulles. \u00c9tant donn\u00e9 le manque de marges budg\u00e9taires dont disposent les gouvernements de la zone euro, la BCE se retrouve dans une position peu enviable. Il convient de maintenir une politique mon\u00e9taire conciliante afin de soutenir la croissance \u00e9conomique en zone euro, et la Banque centrale a int\u00e9r\u00eat \u00e0 faire preuve de prudence. En d&rsquo;autres termes\u00a0: elle devrait attendre jusqu&rsquo;\u00e0 ce que l\u2019inflation soit v\u00e9ritablement install\u00e9e avant de normaliser sa politique. Et tout resserrement ne pourra se faire que de fa\u00e7on tr\u00e8s progressive.<\/p>\n<p>Le mandat de Mario Draghi au poste de pr\u00e9sident de la BCE expire en novembre 2019. Il aura \u00e0 c\u0153ur que l\u2019on se souvienne du r\u00f4le primordial qu\u2019il a jou\u00e9 dans le sauvetage de la zone euro 2012, et de ne surtout pas passer pour le pr\u00e9sident de la BCE qui aura contribu\u00e9 au fort ralentissement laiss\u00e9 \u00e0 son pr\u00e9d\u00e9cesseur. Ce dernier n\u2019aurait alors pratiquement plus aucune munition \u00e0 sa disposition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Au cours de l\u2019ann\u00e9e 2017, les perspectives \u00e9conomiques sont devenues de plus en plus porteuses pour la zone euro. Apr\u00e8s des ann\u00e9es de politique mon\u00e9taire ultra-accommodante, une reprise mondiale synchronis\u00e9e semblait s\u2019amorcer. La zone euro enregistrait des taux de croissance soutenus, suscitant r\u00e9guli\u00e8rement des surprises \u00e0 la hausse, le ch\u00f4mage continuait de baisser, le syst\u00e8me bancaire s&rsquo;\u00e9tait partiellement recapitalis\u00e9, et les co\u00fbts de financement pour les entreprises et les \u00c9tats demeuraient faibles quels que soient les indicateurs retenus. M\u00eame l&rsquo;inflation montrait des signes de convergence&#8230;<\/p>\n","protected":false},"author":4,"featured_media":3102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[224,41,8,43],"tags":[],"class_list":["post-3096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bce","category-croissance-economique","category-macroeconomie-et-politique","category-politique-monetaire"],"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>Une p\u00e9riode plus d\u00e9licate pour la BCE - Francais<\/title>\n<meta name=\"description\" content=\"Au cours de l\u2019ann\u00e9e 2017, les perspectives \u00e9conomiques sont devenues de plus en plus porteuses pour la zone euro. Apr\u00e8s des ann\u00e9es de politique mon\u00e9taire\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stefan Isaacs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/\"},\"author\":{\"name\":\"Stefan Isaacs\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/e4366565557f551f390bdfae4f71bbab\"},\"headline\":\"Une p\u00e9riode plus d\u00e9licate pour la BCE\",\"datePublished\":\"2018-06-06T08:32:42+00:00\",\"dateModified\":\"2018-06-29T13:21:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/\"},\"wordCount\":724,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\",\"articleSection\":[\"BCE\",\"croissance \u00e9conomique\",\"macro\u00e9conomie et politique\",\"politique mon\u00e9taire\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/\",\"name\":\"Une p\u00e9riode plus d\u00e9licate pour la BCE - Francais\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\",\"datePublished\":\"2018-06-06T08:32:42+00:00\",\"dateModified\":\"2018-06-29T13:21:18+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/e4366565557f551f390bdfae4f71bbab\"},\"description\":\"Au cours de l\u2019ann\u00e9e 2017, les perspectives \u00e9conomiques sont devenues de plus en plus porteuses pour la zone euro. Apr\u00e8s des ann\u00e9es de politique mon\u00e9taire\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#primaryimage\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\",\"contentUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png\",\"width\":960,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/06\\\/life-less-easy-ecb\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Une p\u00e9riode plus d\u00e9licate pour la BCE\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\",\"name\":\"Francais\",\"description\":\"M&amp;G\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/e4366565557f551f390bdfae4f71bbab\",\"name\":\"Stefan Isaacs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4c4ef1f05062e58e9dde1547a697911b242c82f9d279efe2c9bc1f7407b4724d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4c4ef1f05062e58e9dde1547a697911b242c82f9d279efe2c9bc1f7407b4724d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4c4ef1f05062e58e9dde1547a697911b242c82f9d279efe2c9bc1f7407b4724d?s=96&d=mm&r=g\",\"caption\":\"Stefan Isaacs\"},\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/author\\\/stefanisaacs\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Une p\u00e9riode plus d\u00e9licate pour la BCE - Francais","description":"Au cours de l\u2019ann\u00e9e 2017, les perspectives \u00e9conomiques sont devenues de plus en plus porteuses pour la zone euro. Apr\u00e8s des ann\u00e9es de politique mon\u00e9taire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/","twitter_misc":{"Written by":"Stefan Isaacs","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#article","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/"},"author":{"name":"Stefan Isaacs","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/e4366565557f551f390bdfae4f71bbab"},"headline":"Une p\u00e9riode plus d\u00e9licate pour la BCE","datePublished":"2018-06-06T08:32:42+00:00","dateModified":"2018-06-29T13:21:18+00:00","mainEntityOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/"},"wordCount":724,"commentCount":0,"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png","articleSection":["BCE","croissance \u00e9conomique","macro\u00e9conomie et politique","politique mon\u00e9taire"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/","url":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/","name":"Une p\u00e9riode plus d\u00e9licate pour la BCE - Francais","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#primaryimage"},"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png","datePublished":"2018-06-06T08:32:42+00:00","dateModified":"2018-06-29T13:21:18+00:00","author":{"@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/e4366565557f551f390bdfae4f71bbab"},"description":"Au cours de l\u2019ann\u00e9e 2017, les perspectives \u00e9conomiques sont devenues de plus en plus porteuses pour la zone euro. Apr\u00e8s des ann\u00e9es de politique mon\u00e9taire","breadcrumb":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#primaryimage","url":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png","contentUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-06-036-A-life-less-easy-for-the-ECB_FR-VF.png","width":960,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/06\/life-less-easy-ecb\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/bondvigilantes.com\/francais\/"},{"@type":"ListItem","position":2,"name":"Une p\u00e9riode plus d\u00e9licate pour la BCE"}]},{"@type":"WebSite","@id":"https:\/\/bondvigilantes.com\/francais\/#website","url":"https:\/\/bondvigilantes.com\/francais\/","name":"Francais","description":"M&amp;G","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bondvigilantes.com\/francais\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/e4366565557f551f390bdfae4f71bbab","name":"Stefan Isaacs","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/4c4ef1f05062e58e9dde1547a697911b242c82f9d279efe2c9bc1f7407b4724d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4c4ef1f05062e58e9dde1547a697911b242c82f9d279efe2c9bc1f7407b4724d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4c4ef1f05062e58e9dde1547a697911b242c82f9d279efe2c9bc1f7407b4724d?s=96&d=mm&r=g","caption":"Stefan Isaacs"},"url":"https:\/\/bondvigilantes.com\/francais\/author\/stefanisaacs\/"}]}},"_links":{"self":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/3096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/comments?post=3096"}],"version-history":[{"count":0,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/3096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media\/3102"}],"wp:attachment":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media?parent=3096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/categories?post=3096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/tags?post=3096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}