La politique de change de la zone euro ou le hold-up tranquille de la BCE
Exchange rate policy is of primordial economic importance given its impact on price stability, real growth and regional cohesion. In this article, we argue that the euro area thus needs a true exchange rate policy, to which it is entitled by law, but that it finds itself unable to implement for political reasons. The ECB has indeed illegally pre-empted the European exchange rate policy to submit it to the objective of price stability, with the tacit agreement of EU member states. The consequence of this ?quiet hijacking? is twofold: the exchange rate of the euro is a factor of regional instability; the euro area is more a spectator than a actor in our globalization. JEL Codes: JEL: E42, E58, E61, F31, N14.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jérôme Creel & Jacques Le Cacheux, 2006.
"La nouvelle désinflation compétitive européenne,"
Revue de l'OFCE,
Presses de Sciences-Po, vol. 98(3), pages 7-36.
- Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
- Jean-Paul Fitoussi, 2004. "La question du taux de change de l'euro," Sciences Po publications info:hdl:2441/4044, Sciences Po.
- Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2006. "Ouverte pour travaux : la Présidence allemande de l’UE et la réunification européenne," Sciences Po publications info:hdl:2441/2103, Sciences Po.
- Eloi Laurent & Jacques Le Cacheux, 2006. "Integrity and Efficiency in the EU: The Case against the European economic constitution," Sciences Po publications 130, Sciences Po.
- C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
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