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Politiques et performances macroéconomiques de la zone euro : institutions, incitations, stratégies

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Economic 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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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2007-23.

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Date of creation: 2007
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Handle: RePEc:fce:doctra:0723

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Cited by:
  1. Éloi Laurent, 2007. "If it’s Broken, Don’t Fix it: The Government of the Euro area in the EU “Reform Treaty”," Documents de Travail de l'OFCE 2007-32, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Alexandra Flayols, 2011. "Hétérogénéité de la zone euro et politique monétaire," Post-Print dumas-00647031, HAL.

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