L’euro (comme tout changement incontrôlé) aurait eu des effets pervers :
This is where the Eurozone distortion lies. The single currency has transformed southern Europe from weak-currency countries into strong-currency countries. This has allowed them to issue large amounts of securities in the rest of the Eurozone without paying any significant risk premium. In Portugal, for instance, foreign borrowing has mainly financed a domestic consumption boom. This happened through Portuguese banks issuing euro liabilities in the Eurozone and using the proceeds to finance consumer loans and mortgages at home. Before the euro this was not possible – or not to the extent we have witnessed – since lending to Portuguese banks would have entailed a significant currency risk.
Et c’est en partie grâce aux économies allemandes que cette bulle financière a pu naître.
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