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Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies

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  • Jérôme Creel
  • Éloi Laurent
  • Jacques Le Cacheux

Abstract

Economic performance has been feeble in the Euro area since the monetary union process was put in motion in the early 1990s. While the cause for this under-performance remains subject to debate, we argue in this paper that the rules and institutions governing the Euro area are clearly not conducive to high coordinated growth policies. Because monetary authorities are too much concerned with price stability, the pro-cyclical bias of fiscal policies is reinforced and member states are even more pressured to pursue social disinflation policies by the misalignment of the exchange rate of the Euro. A more balanced interpretation of the European treaties should remedy the current predicament and foster macroeconomic policies oriented toward high sustainable growth and the preservation of social justice. JEL Classification: E42, E58, E61, F31, N14.

Suggested Citation

  • 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.
  • Handle: RePEc:cai:reofsp:reof_102_0249
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2009. "L'Europe en crises," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 445-470.
    2. Eloi Laurent & Jacques Le Cacheux, 2007. "The Irish Tiger and the German Frog: A Tale of Size and Growth in the Euro Area," Working Papers hal-00972692, HAL.
    3. Éloi Laurent, 2007. "If it’s Broken, Don’t Fix it: The Government of the Euro area in the EU “Reform Treaty”," Documents de Travail de l'OFCE 2007-32, Observatoire Francais des Conjonctures Economiques (OFCE).
    4. Olivier Giraud & Arnaud Lechevalier, 2009. "L'éclatement de la norme d'emploi en Allemagne et en France au tournant du siècle," Post-Print halshs-00532915, HAL.

    More about this item

    Keywords

    economic performance; Euro area; macroeconomic policies;

    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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