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La France et l'Union économique et monétaire européenne

  • Rudiger Dornbusch
  • Pierre Jacquet

[eng] This article highlights the considerable loss of monetary and exchange rate sovereignty implied both by the the process of monetary integration in Europe and by the liberalization of capital flows wor- Idwilde and among European countries. A first section reviews the monetary history of France and stigmatizes the conditions that could sometimes make devaluations successful. In the following section, the article builds a conceptual framework to think about exchage rate regimes and their interactions with the markets for goods, labour and capital. The paper then turns to the adjustment problem within a mone- tary union. In a concluding section, the authors review the options for France in the 90s. They argue that it would be a costly mistake both to devalue and to keep the option to devalue. In particular, keeping the option deprives the Government from any margin of manœuvre with respect to fiscal policy, because any departure from austerity would revive expectations of devaluation. As a result, France should first grant full independence to its central bank and put it in exclusive charge of safeguarding the value of the currency. France should also propose Germany and other strong currency countries to join a fixed exchange rate regime without margins, as a way to definitively anchor financial and exchange rate stability, a prerequisite to safer use of any policy instrument and a successful pursuit of structural policies based on a moderate fiscal expansion. [fre] Cet article étudie la perte de souveraineté qu'implique pour la France le passage à l'Union économique et monétaire européenne. Dans une première partie, il passe en revue plusieurs épisodes de l'histoire monétaire française, et illustre les contraintes qui limitent aujourd'hui la marge de manœuvre de la France en matière de politique économique. La France ne conserve plus qu'une marge de manœuvre très limitée et purement formelle, tant en matière de politique monétaire que d'utilisation du taux de c

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

Volume (Year): n° 39 (1992)
Issue (Month): 1 ()
Pages: 31-73

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Handle: RePEc:cai:reofsp:reof_p1992_39n1_0031
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