Advanced Search
MyIDEAS: Login to save this article or follow this journal

La France et l'Union économique et monétaire européenne

Contents:

Author Info

  • Rudiger Dornbusch
  • Pierre Jacquet

Abstract

[eng] This article highlights the considerable loss of monetary and exchange rate sovereignty implied both by the the process of monetary integration in Europe and by the liberalization of capital flows wor- Idwilde and among European countries. A first section reviews the monetary history of France and stigmatizes the conditions that could sometimes make devaluations successful. In the following section, the article builds a conceptual framework to think about exchage rate regimes and their interactions with the markets for goods, labour and capital. The paper then turns to the adjustment problem within a mone- tary union. In a concluding section, the authors review the options for France in the 90s. They argue that it would be a costly mistake both to devalue and to keep the option to devalue. In particular, keeping the option deprives the Government from any margin of manœuvre with respect to fiscal policy, because any departure from austerity would revive expectations of devaluation. As a result, France should first grant full independence to its central bank and put it in exclusive charge of safeguarding the value of the currency. France should also propose Germany and other strong currency countries to join a fixed exchange rate regime without margins, as a way to definitively anchor financial and exchange rate stability, a prerequisite to safer use of any policy instrument and a successful pursuit of structural policies based on a moderate fiscal expansion. [fre] Cet article étudie la perte de souveraineté qu'implique pour la France le passage à l'Union économique et monétaire européenne. Dans une première partie, il passe en revue plusieurs épisodes de l'histoire monétaire française, et illustre les contraintes qui limitent aujourd'hui la marge de manœuvre de la France en matière de politique économique. La France ne conserve plus qu'une marge de manœuvre très limitée et purement formelle, tant en matière de politique monétaire que d'utili

(This abstract was borrowed from another version of this item.)

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_P1992_39N1_0031
Download Restriction: free

File URL: http://www.cairn.info/revue-de-l-ofce-1992-1-page-31.htm
Download Restriction: free

Bibliographic Info

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

Volume (Year): n° 39 (1992)
Issue (Month): 1 ()
Pages: 31-73

as in new window
Handle: RePEc:cai:reofsp:reof_p1992_39n1_0031

Contact details of provider:
Web page: http://www.cairn.info/revue-de-l-ofce.htm

Related research

Keywords:

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_p1992_39n1_0031. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.