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La nouvelle désinflation compétitive européenne

  • Jérôme Creel
  • Jacques Le Cacheux

Germany’s current economic strategy is a variant of the so-called ‘competitive disinflation’ that France pursued in the late 1980s’. It is but one in a large array of non-cooperative strategies that EU countries have individually chosen to implement since the beginning of the monetary unification process, for lack of adequate common institutions that could foster coordination. Because competitive devaluations are no longer possible within the Euro zone, member states resort to various modes of competitive disinflation (wage moderation, tax competition, social dumping, etc.). The question raised by Germany’s strategy, that mimics that of smaller countries, is its effectiveness: we show that the composition of German economic growth is very different from that of smaller European countries. We conclude by discussing to hypotheses that may motivate Germany’s current policy choices. JEL Codes: E01, F43, O52.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): 98 (2006)
Issue (Month): 3 ()
Pages: 7-36

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Handle: RePEc:cai:reofsp:reof_098_07
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  1. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le Pacte de stabilité et les politiques budgétaires dans l'Union européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 245-297.
  2. Eloi Laurent & Jérôme Creel & Jacques Le Cacheux, 2005. "Delegation in Inconsistency : the 'Lisbon Strategy' Record an an Institutional Failure," Sciences Po publications 2005-07, Sciences Po.
  3. Romain Duval & Jørgen Elmeskov, 2005. "The Effects of EMU on Structural Reforms in Labour and Product Markets," OECD Economics Department Working Papers 438, OECD Publishing.
  4. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le pacte de stabilité : l'état du débat," Revue de l'OFCE, Presses de Sciences-Po, vol. 84(1), pages 145-179.
  5. repec:spo:wpecon:info:hdl:2441/3531 is not listed on IDEAS
  6. Eloi Laurent & Jacques Le Cacheux, 2006. "Integrity and Efficiency in the EU: The Case against the European economic constitution," Working Papers hal-00972707, HAL.
  7. repec:spo:wpecon:info:hdl:2441/2301 is not listed on IDEAS
  8. Sébastien Jean, 2000. "Syndrome, miracle, modèle polder et autres spécificités néerlandaises," Working Papers 2000-12, CEPII research center.
  9. Guillaume Gaulier & Amina Lahrèche-Révil & Isabelle Méjean, 2005. "Dynamique des exportations : une comparaison France-Allemagne," La Lettre du CEPII, CEPII research center, issue 249.
  10. Catherine Bruno & Valérie Chauvin, 1998. "Les Pays-Bas : une société à flexibilité limitée," Revue de l'OFCE, Programme National Persée, vol. 64(1), pages 97-127.
  11. Jacques Le Cacheux, 2005. "Politiques de croissance en Europe. Un problème d'action collective," Revue économique, Presses de Sciences-Po, vol. 56(3), pages 705-713.
  12. Creel, Jérôme, 2002. "The European Stability Pact and Feedback Policy Effects," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 17, pages 570-595.
  13. repec:spo:wpecon:info:hdl:2441/1783 is not listed on IDEAS
  14. repec:spo:wpecon:info:hdl:2441/2088 is not listed on IDEAS
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