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Les pays du Sud face au défi d'un espace financier euro-méditerranéen

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  • Bernard Courbis
  • Jean-Paul Allegret

Abstract

[eng] Mediterranean Economies coping the Challenge of an Euromediterranean Financial System. The creation of the EMU will induce important consequences in the region. The purpose of this paper is to show how EMU could create a breach between Mediterranean financial systems and the financial globalization process. In the first part, we identify the structural dimension of the Euromediterranean financial system. The international insertion of the Maghrebian economies does not permit neither a regional strategy nor the worldwide strategy. Despite these difficulties, the articulation of balance of payments between Euro and South Mediterranean countries can lead to the emergence of a Euromediterranean financial system. The integration of Mediterranean economies to EU could be the condition of the insertion of the first area in the global economy. This Euromediterranean financial system is based on financial transfers - owing to the European current surplus - between the two areas. In the second part, we study the impact of the formation of an Euromediterranean financial space on the Maghrebian financial systems. The main characteristic of this financial space is the fact that the euro will be debt money. This is a consequence of the surplus position of EU. The Maghrebian economies’anchor strategy to the Euro is examined as the progress and limits of the financial systems of Morocco and Tunisia in relations with the minimal conditions to fulfill to benefit of the European financial integration. [fre] L’objet du texte est de voir en quoi le choc du passage à l’Union Économique et Monétaire pourrait créer un relais entre les systèmes nationaux du sud de la Méditerranée et le processus de mondialisation financière. Dans la première partie, la dimension structurelle de l’espace financier euro-méditerranéen est identifié. Nous montrons que les conditions d’insertion internationale des pays du Maghreb ne leur permettent ni une stratégie d’intégration régionale, ni une stratégie de mondialisation. De l’articulation des balances des paiements entre l’Europe et le Sud de la Méditerranée est ensuite déduite la possibilité de faire émerger un système financier euro-méditerranén fondé sur le transfert des excédents courants du Nord au Sud. Dans la seconde partie, est approfondie la question de la formation d’un espace euro-méditerranéen en considérant son impact sur les systèmes financiers du Sud. Nous rappelons en quoi la création de l’euro va induire la formation d’un espace financier européen en insistant sur le fait que, compte tenu de la structure des paiements courants de l’Union européenne, l’euro sera une monnaie d’endettement. Après avoir souligné les conditions de l’ancrage à l’euro des monnaies du Maroc et de la Tunisie, nous analysons les principales mutations des systèmes financiers - ainsi que leurs limites - dans les deux pays.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 52 (1999)
Issue (Month): 2 ()
Pages: 185-206

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Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3538

Note: DOI:10.3406/ecofi.1999.3538
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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  1. George Alogoskoufis & Richard Portes, 1990. "International Costs and Benefits from EMU," NBER Working Papers 3384, National Bureau of Economic Research, Inc.
  2. C. Fred Bergsten, 1997. "Open Regionalism," Working Paper Series WP97-3, Peterson Institute for International Economics.
  3. Artus, P., 1996. "A Strong Euro or a Weak Euro?," Papers 96-02/ei, Caisse des Depots et Consignations - Cahiers de recherche.
  4. Takatoshi Ito & Tamim Bayoumi & Peter Isard & Steven A. Symansky, 1996. "Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region," IMF Occasional Papers 145, International Monetary Fund.
  5. Garry J. Schinasi & Alessandro Prati, 1997. "European Monetary Union and International Capital Markets," IMF Working Papers 97/62, International Monetary Fund.
  6. Robert N. McCauley & William R. White, 1997. "The Euro and European financial markets," BIS Working Papers 41, Bank for International Settlements.
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