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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.

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

Volume (Year): 100 (2007)
Issue (Month): 1 ()
Pages: 7-30

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Handle: RePEc:cai:reofsp:reof_100_0007
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  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. Jean-Paul Fitoussi, 2004. "La question du taux de change de l'euro," Sciences Po publications info:hdl:2441/4044, Sciences Po.
  3. 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.
  4. Jérôme Creel & Jacques Le Cacheux, 2006. "La nouvelle désinflation compétitive européenne," Sciences Po publications info:hdl:2441/2085, Sciences Po.
  5. Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
  6. 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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