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La politique de change de la zone euro ou le hold-up tranquille de la BCE


  • Jérôme Creel
  • Éloi Laurent
  • Jacques Le Cacheux


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.

Suggested Citation

  • Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "La politique de change de la zone euro ou le hold-up tranquille de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 100(1), pages 7-30.
  • Handle: RePEc:cai:reofsp:reof_100_0007

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    References listed on IDEAS

    1. 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.
    2. 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.
    3. Jean-Paul Fitoussi, 2004. "La question du taux de change de l'euro," Post-Print hal-00976441, HAL.
    4. Eloi Laurent & Jacques Le Cacheux, 2006. "Integrity and Efficiency in the EU: The Case against the European economic constitution," Working Papers hal-00972707, HAL.
    5. 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.
    6. Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
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    Cited by:

    1. Céline Antonin & Christophe Blot & Sabine Le Bayon & Catherine Mathieu, 2013. "La quête de la competitivité ouvre la voie de la déflation," Sciences Po publications info:hdl:2441/7o52iohb7k6, Sciences Po.
    2. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Les enjeux du triple mandat de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 175-186.
    3. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Dealing with the ECB's triple mandate?," Sciences Po publications info:hdl:2441/53ccj34tat8, Sciences Po.
    4. Jacques Le Cacheux, 2007. "Le nerf de la guerre (économique) : Les faiblesses du budget européen," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 71-87.
    5. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
    6. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS

    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-


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