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Intégration monétaire et géométrie variable

  • Jean Pisani-Ferry

[fre] Cet article examine d'abord quels sont, du point de vue des pays, les critères de participation à l'union monétaire. Deux catégories de critères sont retenus : les premiers, structurels, sont dérivés de la théorie des zones monétaires optimales. Les seconds, des priorités actuelles de politique économique. La seconde partie de l'article porte sur l'organisation des relations monétaires entre les « élus » et les « exclus ». Elle soutient l'idée que les objectifs de préservation du Marché uni­que et de convergence vers l'union monétaire sont logiquement distincts. Elle exa­mine différentes modalités possibles d'organisation de ces relations. [eng] This paper first examines the criteria for membership in Monetary Union that are relevant from the point of view of participating countries. Two types of criterias are dicussed : structural criteria derived from the theory of optimum currency area ; and policy priority criteria. The second part of the paper is devoted to the issue of organising the relationship between the "ins" and the "outs". It is argued that preserving the Single Market and fostering convergence towards EMU are logically distinct objectives. Several possibilities for organising this relationship are examined.

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): n° 48 (1997)
Issue (Month): 3 ()
Pages: 495-504

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Handle: RePEc:cai:recosp:reco_p1997_48n3_0495
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