Les enjeux de l'Europe
Abstract[eng] The Stakes of European Integration By eliminating exchange rate uncertainty and achieving a unified European market, the single currency is an important step in the transition from the nation states of the nineteenth century to continental states. But along the steep path which leads to the common currency, the constraints become more acute and reduce the already narrow margins for national policies. The turbulent events which recently disturbed the EMS suggest that Europe is ahead in rhetoric but behind in action: words â concerted policies, economic and monetary union, coordination, solidarity â and facts â financing the reunification, determining interest rates â are diverging. To avoid the problem that one country's growth is achieved to the detriment of another's, a nominal anchor should be found: first, the EMS should be reconstructed, and then the exchange rate between the major currencies â the ECU, the dollar and the yen â should be controlled, so that a logic of growth may substitute for a logic of market shares. [fre] En Ã©liminant l'incertitude de change et en achevant l'unification du marchÃ© europÃ©en, la monnaie unique est une Ã©tape importante dans un processus qui conduit inÃ©vitablement les modes de rÃ©gulation Ã©conomique Ã passer des Ã©tats nation du dix-neuviÃ¨me siÃ¨cle aux Ã©tats continents. Mais sur le chemin escarpÃ© qui conduit Ã la monnaie unique, les contraintes deviennent plus prÃ©cises et limitent d'autant les marges de manÅuvre dÃ©jÃ faibles des politiques nationales. Les graves Ã©vÃ©nements qui ont rÃ©cemment perturbÃ© le SME montrent que l'Europe est en avance d'un discours et en retard d'une action : les mots â acte unique, Union Ã©conomique et monÃ©taire, coordination, solidaritÃ© â et leschoses â financement de la rÃ©unification, dÃ©termination des taux d'intÃ©rÃªt â se sont mis Ã diverger. Pour Ã©viter que la croissance des uns se fasse au dÃ©pens de celle des autres, il faut retrouver un ancrage no
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): n° 43 (1993)
Issue (Month): 1 ()
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Web page: http://www.cairn.info/revue-de-l-ofce.htm
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