{"id":3133,"date":"2026-04-20T20:09:12","date_gmt":"2026-04-20T20:09:12","guid":{"rendered":"https:\/\/thefoundations.co\/?p=3133"},"modified":"2026-04-23T19:31:03","modified_gmt":"2026-04-23T19:31:03","slug":"quand-un-president-veut-limoger-son-banquier-central","status":"publish","type":"post","link":"https:\/\/thefoundations.co\/fr\/quand-un-president-veut-limoger-son-banquier-central\/","title":{"rendered":"Quand un pr\u00e9sident veut limoger son banquier central"},"content":{"rendered":"\n

Le fait <\/h2>\n\n

Le 15 avril, Donald Trump a publiquement menac\u00e9 de limoger Jerome Powell si le pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine ne quitte pas son poste \u00e0 l’expiration de son mandat, le 15 mai. La Cour supr\u00eame des \u00c9tats-Unis statue en parall\u00e8le sur un cas connexe : le pouvoir du pr\u00e9sident de r\u00e9voquer la gouverneure Lisa Cook. En jeu, un principe rarement invoqu\u00e9 par son nom : l’ind\u00e9pendance de la banque centrale.<\/p>\n\n

Pourquoi \u00e7a m\u00e9rite votre attention <\/h2>\n\n

L’ind\u00e9pendance d’une banque centrale n’est pas un d\u00e9bat institutionnel : c’est un m\u00e9canisme qui d\u00e9cide, en pratique, combien vos prix montent chaque ann\u00e9e. Quand un gouvernement peut forcer sa banque centrale \u00e0 baisser les taux pour doper la croissance ou financer la dette, l’inflation se d\u00e9croche \u2014 parfois brutalement.<\/p>\n\n

\"\"
Ind\u00e9pendance des banques centrales vs. inflation annuelle moyenne 1980\u20132020. Sources : Garriga (2016), Cukierman-Webb-Neyapti (1992), FMI WEO, Alesina & Summers (1993).<\/figcaption><\/figure>\n\n

La comparaison internationale est implacable. Sur quarante ans, les pays dont la banque centrale a r\u00e9sist\u00e9 aux pressions politiques \u2014 Allemagne, Suisse, Canada \u2014 ont v\u00e9cu une inflation moyenne proche de 2 %. Ceux o\u00f9 le pouvoir ex\u00e9cutif a gard\u00e9 la main \u2014 Argentine, Turquie, Br\u00e9sil historique \u2014 ont connu des d\u00e9cennies \u00e0 40 %, 180 %, parfois plus. Ce n’est pas un hasard statistique : c’est la cons\u00e9quence directe du m\u00eame m\u00e9canisme, r\u00e9p\u00e9t\u00e9 dans des dizaines de pays.<\/p>\n\n

Ce qui se joue \u00e0 Washington d\u00e9passe largement une querelle entre un pr\u00e9sident et un fonctionnaire. C’est la cr\u00e9dibilit\u00e9 m\u00eame de la monnaie de r\u00e9f\u00e9rence mondiale qui est test\u00e9e. Et cette cr\u00e9dibilit\u00e9, une fois entam\u00e9e, met des ann\u00e9es \u2014 parfois des g\u00e9n\u00e9rations \u2014 \u00e0 se reconstruire.<\/p>\n\n

Pour aller plus loin<\/h2>\n\n
\r\n

Pour comprendre comment une banque centrale fixe r\u00e9ellement ses taux, pourquoi son ind\u00e9pendance ancre la stabilit\u00e9 des prix, et ce qui se d\u00e9roule quand cette ind\u00e9pendance dispara\u00eet, lisez le Fondamental \u00ab Taux d’int\u00e9r\u00eat et politique mon\u00e9taire. \u00bb<\/strong><\/p>\r\n Lire le Fondamental \u2192<\/a>\r\n<\/div>\n\n

\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n

Article r\u00e9dig\u00e9 par The Foundations \u2013 Les bases pour comprendre l\u2019actualit\u00e9<\/em><\/p><\/p>\n\n

www.thefoundations.co<\/strong><\/p>\n\n\t\t\t

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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tSpaceX entre en bourse \u00e0 1 800 milliards. Son chiffre d’affaires : 18,7 milliards.<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tLes banques valorisent SpaceX 1 800 milliards de dollars pour une entreprise qui a perdu…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\tMeta a rachet\u00e9 Manus. La Chine lui a ordonn\u00e9 de tout d\u00e9faire.<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tMeta a rachet\u00e9 Manus pour 2 milliards de dollars. Quatre mois plus tard, le gouvernement…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tFusions-Acquisitions (M&A)<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tChaque ann\u00e9e, des milliers d’entreprises fusionnent ou se rach\u00e8tent pour un montant total de plusieurs…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tLes \u00c9tats-Unis paient plus d’int\u00e9r\u00eats sur leur dette qu’en d\u00e9penses militaires. Moody’s vient de rendre son verdict.<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tPour la premi\u00e8re fois depuis les ann\u00e9es 1990, les \u00c9tats-Unis paient davantage en int\u00e9r\u00eats nets…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tLa dette publique : fonctionnement et soutenabilit\u00e9<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tLa dette publique mondiale a d\u00e9pass\u00e9 100 000 milliards de dollars. Certains \u00e9conomistes parlent d’une…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tStarship V3 d\u00e9colle : ce que ce lancement dit vraiment de la course \u00e0 l’espace<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tLe 22 mai 2026, SpaceX a lanc\u00e9 la version V3 de Starship, la m\u00e9ga-fus\u00e9e la…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t","protected":false},"excerpt":{"rendered":"

Le 15 avril, Donald Trump a menac\u00e9 de limoger Jerome Powell si le pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale ne quitte pas son poste d’ici le 15 mai. Derri\u00e8re l’affrontement politique se cache un principe rarement nomm\u00e9 aussi clairement \u2014 et qui d\u00e9termine directement de combien vos prix augmentent chaque ann\u00e9e.<\/p>\n","protected":false},"author":2,"featured_media":3132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[46,45,63,55,56],"class_list":["post-3133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-finance","tag-banques-centrales","tag-breves","tag-etats-unis","tag-inflation","tag-taux-dinteret"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence.png","uagb_featured_image_src":{"full":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence.png",1456,816,false],"thumbnail":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence-150x150.png",150,150,true],"medium":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence-300x168.png",300,168,true],"medium_large":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence-768x430.png",768,430,true],"large":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence-1024x574.png",1024,574,true],"1536x1536":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence.png",1456,816,false],"2048x2048":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/04\/central-bank-independence.png",1456,816,false]},"uagb_author_info":{"display_name":"Arnaud Cazan","author_link":"https:\/\/thefoundations.co\/fr\/author\/arnaud-cazan\/"},"uagb_comment_info":0,"uagb_excerpt":"Le 15 avril, Donald Trump a menac\u00e9 de limoger Jerome Powell si le pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale ne quitte pas son poste d'ici le 15 mai. Derri\u00e8re l'affrontement politique se cache un principe rarement nomm\u00e9 aussi clairement \u2014 et qui d\u00e9termine directement de combien vos prix augmentent chaque ann\u00e9e.","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts\/3133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/comments?post=3133"}],"version-history":[{"count":2,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts\/3133\/revisions"}],"predecessor-version":[{"id":3211,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts\/3133\/revisions\/3211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/media\/3132"}],"wp:attachment":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/media?parent=3133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/categories?post=3133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/tags?post=3133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}