La politique de change de la zone euro ou le hold-up tranquille de la BCE
AbstractExchange rate policy is of primordial economic importance given its impact on price stability, real growth and regional cohesion. In this article, we argue that the euro area thus needs a true exchange rate policy, to which it is entitled by law, but that it finds itself unable to implement for political reasons. The ECB has indeed illegally pre-empted the European exchange rate policy to submit it to the objective of price stability, with the tacit agreement of EU member states. The consequence of this ?quiet hijacking? is twofold: the exchange rate of the euro is a factor of regional instability; the euro area is more a spectator than a actor in our globalization. JEL Codes: JEL: E42, E58, E61, F31, N14.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): 100 (2007)
Issue (Month): 1 ()
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Other versions of this item:
- Eloi Laurent & Jérôme Creel & Jacques Le Cacheux, 2007. "La politique de change de la zone euro ou le hold-up tranquille de la BCE," Sciences Po publications info:hdl:2441/2084, Sciences Po.
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F31 - International Economics - - International Finance - - - Foreign Exchange
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eloi Laurent & Jacques Le Cacheux, 2006. "Integrity and Efficiency in the EU: The Case against the European economic constitution," Sciences Po publications 130, Sciences Po.
- Jérôme Creel & Jacques Le Cacheux, 2006.
"La nouvelle désinflation compétitive européenne,"
Sciences Po publications
info:hdl:2441/2085, Sciences Po.
- Jean-Paul Fitoussi, 2004. "La question du taux de change de l'euro," Sciences Po publications info:hdl:2441/4044, Sciences Po.
- C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
- Eloi Laurent & Jérôme Creel & Jacques Le Cacheux, 2006. "Ouverte pour travaux : la Présidence allemande de l’UE et la réunification européenne," Sciences Po publications info:hdl:2441/2103, Sciences Po.
- Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
- Jacques Le Cacheux, 2007. "Le nerf de la guerre (économique) : Les faiblesses du budget européen," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 71-87.
- Jérôme Creel & Eloi Laurenbt & Jacques Le Cacheux, 2007.
"Politiques et performances macroéconomiques de la zone euro : institutions, incitations, stratégies,"
Documents de Travail de l'OFCE
2007-23, Observatoire Francais des Conjonctures Economiques (OFCE).
- Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
- Eloi Laurent & Jérôme Creel & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro : institutions, incitations, stratégies," Sciences Po publications NÂ° 2007-23, Sciences Po.
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