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Comment expliquer les disparités économiques dans l'UEM ?


  • Catherine Mathieu
  • Henri Sterdyniak


Since the launch of the Euro, persistent and even rising disparities among Member States have made it difficult to implement short-term or structural common economic policies. The article gives an overview of Euro area disparities in terms of growth and inflation and imbalances, mainly unemployment and current accounts. Four explanations are considered: the benefits of the single currency for catching-up countries, the weaknesses of the euro area economic policy framework; the implementation of non-cooperative domestic policies which have induced excessive competition and insufficient coordination and hurt mainly the larger economies; the crisis of the European Continental model in a global world. Four strategies are discussed: increasing market flexibility; moving towards the knowledge society of the Lisbon Agenda; re-nationalising economic policies; introducing a more growth-oriented policy framework. JEL Classification: E61.

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 2007. "Comment expliquer les disparités économiques dans l'UEM ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 315-352.
  • Handle: RePEc:cai:reofsp:reof_102_0315

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    References listed on IDEAS

    1. 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.
    2. Gilles Saint-Paul, 2004. "Why are European Countries Diverging in their Unemployment Experience?," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 49-68, Fall.
    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. Perotti, Roberto & Alesina, Alberto, 2004. "The European Union: A Politically Incorrect View," Scholarly Articles 4553004, Harvard University Department of Economics.
    5. André Sapir, 2006. "Globalization and the Reform of European Social Models," Journal of Common Market Studies, Wiley Blackwell, vol. 44(2), pages 369-390, June.
    6. Alberto Alesina & Roberto Perotti, 2004. "The European Union: A Politically Incorrect View," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 27-48, Fall.
    7. Alan Ahearne & Jean Pisani-Ferry, 2006. "The Euro: only for the agile," Policy Briefs 42, Bruegel.
    8. Servaas Deroose & Sven Langedijk & Werner Roeger, 2004. "Reviewing adjustment dynamics in EMU: from overheating to overcooling," European Economy - Economic Papers 2008 - 2015 198, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    9. Lane, Philip R., 2006. "The Real Effects of EMU," CEPR Discussion Papers 5536, C.E.P.R. Discussion Papers.
    10. Nicholai Benalal & Juan Luis Diaz del Hoyo & Beatrice Pierluigi & Nikiforos Vidalis, 2006. "Output growth differentials across the euro area countries - some stylised facts," Occasional Paper Series 45, European Central Bank.
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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. Catherine Mathieu & Henri Sterdyniak, 2014. "In search of a better governance in the euro area," Sciences Po publications info:hdl:2441/63g6fe7kgp8, Sciences Po.
    3. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 51-91.
    4. Catherine Mathieu & Henri Sterdyniak, 2014. "Peut-on gérer la zone euro ?," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 30(1), pages 3-9, June.
    5. Jean-Claude Barbier & Arnaud Lechevalier, 2015. "La crise de la zone Euro : quels enseignements pour l’Europe sociale ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01254229, HAL.
    6. Catherine Mathieu & Henri Sterdyniak, 2011. "Finances publiques, sorties de crise…," Sciences Po publications info:hdl:2441/5l6uh8ogmqi, Sciences Po.
    7. Badarau-Semenescu, Cristina & Ndiaye, Cheikh Tidiane, 2010. "Politique économique et transmission des chocs dans la zone euro," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(1), pages 35-77, mars.
    8. repec:dau:papers:123456789/12010 is not listed on IDEAS

    More about this item


    European economy; policy-mix; European social model;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination


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