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Les limites du cadre institutionnel européen

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  • Menguy, Séverine

    (EconomiX)

Abstract

This paper propounds a revue of literature about the limits of the current European institutional framework. First, it appears that the status of the European Central Bank, and particularly its quasi exclusive aim to maintain the stability of prices, don’t ease the possibilities of harmonization of the budgetary policies between the member countries. Then, the institutional coordination of the budgetary policies seems nowadays insufficiently developed in Europe. Moreover, the constraints imposed by the Stability and Growth Pact are too much static: they undervalue the importance of the level of the public debt, and they impose the same norm of public deficits to countries which situations and budgetary expenditures are very heterogeneous. Finally, the budgetary constraints should better be related only to the structural part of the public deficits, and they should be made more symmetric in the different phases of the economic cycle. But the reform of the Pact which took place in March 2005 does only bring imperfect answers to some of these limits. Cet article propose une revue de la littérature des limites du cadre institutionnel actuel de l’Union européenne. Tout d’abord, il apparaît que les statuts de la Banque centrale européenne, et en particulier son objectif quasi exclusif de maintien de la stabilité des prix, ne facilitent pas les possibilités d’harmonisation des politiques budgétaires entre les pays membres. Ensuite, la coordination budgétaire institutionnelle semble encore insuffisamment développée en Europe. De plus, les contraintes imposées par le Pacte de stabilité et de croissance sont trop statiques : elles sous-valorisent le critère de dette publique et imposent des normes uniformes à des pays dont les situations et les dépenses publiques sont très hétérogènes. Enfin, il serait préférable que ces contraintes portent seulement sur la part structurelle des déficits publics et comportent davantage de symétrie dans les différentes phases du cycle économique. Or, la réforme du Pacte intervenue en mars 2005 n’apporte que des réponses imparfaites à certaines de ces limites.

Suggested Citation

  • Menguy, Séverine, 2006. "Les limites du cadre institutionnel européen," L'Actualité Economique, Société Canadienne de Science Economique, vol. 82(3), pages 395-418, septembre.
    • Handle: RePEc:ris:actuec:v:82:y:2006:i:3:p:395-418
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