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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Web page: http://www.cairn.info/revue-de-l-ofce.htm
Find related papers by JEL classification:
- 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-
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- 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.
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