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Pourquoi le SME a explosé et comment le relancer ?

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  • Charles Wyplosz
  • Barry Eichengreen
  • Jean Pisani-Ferry

Abstract

[fre] Pourquoi le SME a explosé et comment le relancer ?. . Les quatre interprétations avancées à la suite des crises de change de 1992 et de 1993 sont probablement complémentaires. Les leçons à tirer conduisent à porter un jugement pessimiste sur les possibilités de survie du SME et donc du traité de Maastricht, faisant même planer une menace sur le Marché commun. La plupart des mesures proposées pour faire face à la nouvelle situation ignorent l'une ou l'autre de ces leçons. La tendance dominante est de parier sur un heu­reux concours de circonstances. Il est préférable de prévoir le pire. Une mesure prudentielle simple, l'obligation d'un dépôt non rémunéré sur les positions ouvertes, restaure l'élément de stabilité perdu avec l'abandon des contrôles de change. [eng] Why did the ems blow-up and how to fix it . . Four usual interpretations of the exchange crises of 1992 and 1993 are not mutually exclusive. Taken together, however, they send an ominous signal about EMS chances of survival and the prospects for achieving monetary union along the Unes of the Maastricht Treaty. The Common Market's future itself might be at stake over the longer run. A number of proposais have been advanced recently. Unfortunately each of them fail to properly take into account one or the other among the lessons drawn from the crises. The risk is that we now hope for the best. Proper policy planning ought to be ready for the worst. This paper porposes a simple prudential measure, establishing mandatory deposits on open positions.

Suggested Citation

  • Charles Wyplosz & Barry Eichengreen & Jean Pisani-Ferry, 1994. "Pourquoi le SME a explosé et comment le relancer ?," Revue Économique, Programme National Persée, vol. 45(3), pages 673-688.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409557
    DOI: 10.3406/reco.1994.409557
    Note: DOI:10.3406/reco.1994.409557
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    Citations

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    Cited by:

    1. Jean-Pierre Allegret, 2000. "Quel role pour les controles des mouvements internationaux de capitaux ?," Economie Internationale, CEPII research center, issue 81, pages 77-108.
    2. Patrick Artus & Claude Jessua, 1996. "La spéculation," Revue Économique, Programme National Persée, vol. 47(3), pages 409-424.
    3. Rey, Serge, 2001. "Les taux de change bilatéraux adoptés pour l’entrée dans l’euro sont-ils des taux d’équilibre?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 77(1), pages 75-112, mars.
    4. Serge Rey, 2001. "Les taux de change bilatéraux adoptés pour l’entrée dans l’Euro sont-ils des taux d’équilibre? Une tentative de réponse à l’aide de la parité des pouvoirs d’achat et de la parité des coûts," Post-Print hal-01885323, HAL.
    5. Bouoiyour, Jamal & Rey, Serge, 1995. "Chocs externes et ajustements des taux de change réels européens [External shocks and adjustment of European real exchange rates]," MPRA Paper 30241, University Library of Munich, Germany.

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