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Politiques macroéconomiques et réformes structurelles : Bilan et perspectives de la gouvernance économique au sein de l'Union Européenne

Author

Listed:
  • Jean-Paul Fitoussi

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Jean-Luc Gaffard

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, SKEMA Business School - SKEMA Business School, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Francesco Saraceno

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Les années de préparation et d'installation de l'euro ont été des années de croissance faible ou médiocre dans les grands pays de la zone. Cette performance décevante est, souvent, attribuée aux défaillances des marchés de biens et du travail et, par suite, à l'insuffisante attention portée aux réformes structurelles touchant au fonctionnement de ces marchés. Dans cette perspective, la politique monétaire ne saurait être incrimi-née, pas plus que les règles du Pacte de stabilité. La crise financière, tout en conduisant à envisager de suspendre certaines règles contraignantes, ne ferait que confirmer la pertinence de la gestion des taux d'intérêt par la Banque Centrale Européenne qui se serait avérée beaucoup plus appropriée que celle qui a prévalu outre-Atlantique. Cet article propose une lecture sensiblement différente de la réalité en considérant que la faible croissance est la conséquence de politiques macroéconomiques restrictives plus que la résultante du refus de réformes structurelles qui furent nombreuses en cette période. Elle n'est pas liée à l'existence de l'euro qui ne pouvait que favoriser la croissance en évitant les turbulences monétaires. Elle tient à la nature du compromis politique qui a présidé à la mise en œuvre de la monnaie unique. Celui-ci en imposant des critères de neutralité monétaire et budgétaire et en poussant à des réformes struc-turelles dont le véritable enjeu est de faire accepter une nouvelle norme de répartition des revenus, ne pouvait être que préjudiciable à la croissance. La refondation des politiques de croissance exige une révision de cette norme dont la crise financière peut fournir l'opportunité.

Suggested Citation

  • Jean-Paul Fitoussi & Jean-Luc Gaffard & Francesco Saraceno, 2010. "Politiques macroéconomiques et réformes structurelles : Bilan et perspectives de la gouvernance économique au sein de l'Union Européenne," Post-Print halshs-00933214, HAL.
  • Handle: RePEc:hal:journl:halshs-00933214
    DOI: 10.3917/redp.202.0247
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    References listed on IDEAS

    as
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    Cited by:

    1. Jean-Claude Barbier & Arnaud Lechevalier, 2015. "La crise de la zone Euro : quels enseignements pour l’Europe sociale ?," Post-Print halshs-01254229, HAL.
    2. Jean-Claude, Barbier and Fabrice Colomb, 2012. "EU Law as Janus bifrons, a sociological approach to 'Social Europe'," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 16, February.
    3. Jean-Claude Barbier & Arnaud Lechevalier, 2015. "La crise de la zone Euro : quels enseignements pour l’Europe sociale ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01254229, HAL.

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    More about this item

    Keywords

    croissance; normes; politiques macroéconomiques; réformes structurelles;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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