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Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies

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  • Jérôme Creel
  • Éloi Laurent
  • Jacques Le Cacheux

Abstract

Economic performance has been feeble in the Euro area since the monetary union process was put in motion in the early 1990s. While the cause for this under-performance remains subject to debate, we argue in this paper that the rules and institutions governing the Euro area are clearly not conducive to high coordinated growth policies. Because monetary authorities are too much concerned with price stability, the pro-cyclical bias of fiscal policies is reinforced and member states are even more pressured to pursue social disinflation policies by the misalignment of the exchange rate of the Euro. A more balanced interpretation of the European treaties should remedy the current predicament and foster macroeconomic policies oriented toward high sustainable growth and the preservation of social justice. JEL Classification: E42, E58, E61, F31, N14.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 102 (2007)
Issue (Month): 3 ()
Pages: 249-281

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Handle: RePEc:cai:reofsp:reof_102_0249

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

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Keywords: economic performance; Euro area; macroeconomic policies;

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  1. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
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  5. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
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  11. Jérôme Creel & Jacques Le Cacheux, 2006. "La nouvelle désinflation compétitive européenne," Sciences Po publications info:hdl:2441/2085, Sciences Po.
  12. Michael Sarel, 1996. "Nonlinear Effects of Inflation on Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 199-215, March.
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  17. 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.
  18. Temple, Jonathan, 2000. " Inflation and Growth: Stories Short and Tall," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 395-426, September.
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  20. 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.
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Citations

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Cited by:
  1. Alexandra Flayols, 2011. "Hétérogénéité de la zone euro et politique monétaire," Post-Print dumas-00647031, HAL.
  2. Eloi Laurent, 2007. "If it’s Broken, Don’t Fix it:The Government of the Euro area in the EU “Reform Treaty”," Sciences Po publications N°2007-32, Sciences Po.

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