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Vers une monnaie commune en Europe ?

Author

Listed:
  • Catherine Mathieu

    (Observatoire français des conjonctures économiques)

  • Henri Sterdyniak

    (Observatoire français des conjonctures économiques)

Abstract

L'union monétaire européenne est de nouveau à l'ordre du jour. Soutenue par la France, soucieuse à la fois d'affirmer l'irréversibilité de son choix d'une politique de franc fort et de limiter l'actuelle domination monétaire de la RFA, l'unification n'est concevable du point de vue allemand que sous des conditions garantissant le maintien d'une politique monétaire autonome et rigoureuse. Trois catégories de voies sont envisageables. Celles qui privilégient le développement d'une monnaie parallèle, n'apparaissent guère susceptibles d'aboutir à une disparition totale des monnaies circulant effectivement. Celles, que nous regroupons sous le terme « méthode douce », qui consistent à transférer progressivement les pouvoirs monétaires des banques centrales nationales à un institut fédéral autonome, supposent une phase transitoire difficile, où la France perdrait de son autonomie monétaire sans bénéficier de meilleures facilités de financement. Enfin la « méthode brutale », difficilement réalisable pour des motifs politiques, propose que l'union soit réalisée sans aucune phase transitoire. Quel que soit le processus considéré, les avantages — meilleure circulation des fonds en Europe, baisse des taux d'intérêt en France — doivent être pesés face aux dangers — création d'un pouvoir monétaire autonome plus sensible à la stabilité des prix qu'à la croissance, risque de pertes durables de compétitivité — et aux incertitudes car selon sa configuration institutionnelle, le système permettra une plus grande autonomie des poltiques budgétaires ou au contraire les enfermera dans un carcan monétaire.

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 1989. "Vers une monnaie commune en Europe ?," Sciences Po publications info:hdl:2441/1828, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/1828
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    1. repec:hal:spmain:info:hdl:2441/1826 is not listed on IDEAS
    2. Catherine Bruno & Jacques Le Cacheux & Catherine Mathieu, 1991. "L'Union monétaire européenne : état des lieux, projets et enjeux," Revue de l'OFCE, Programme National Persée, vol. 38(1), pages 93-142.

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    Keywords

    Monnaie commune; Union Européenne;

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