Politiques et performances macroéconomiques de la zone euro : institutions, incitations, stratégies
AbstractEconomic performance has been feeble in the Euro area since the monetary union process was put in motion in the early 1990s. While the cause for this under-performance remains subject to debate, we argue in this paper that the rules and institutions governing the Euro area are clearly not conducive to high coordinated growth policies. Because monetary authorities are too much concerned with price stability, the pro-cyclical bias of fiscal policies is reinforced and member states are even more pressured to pursue social disinflation policies by the misalignment of the exchange rate of the Euro. A more balanced interpretation of the European treaties should remedy the current predicament and foster macroeconomic policies oriented toward high sustainable growth and the preservation of social justice. JEL Classification: E42, E58, E61, F31, N14.
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Bibliographic InfoPaper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2007-23.
Date of creation: 2007
Date of revision:
Other versions of this item:
- Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F31 - International Economics - - International Finance - - - Foreign Exchange
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
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- Alexandra Flayols, 2011. "Hétérogénéité de la zone euro et politique monétaire," Post-Print dumas-00647031, HAL.
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