Politiques macroéconomiques et réformes structurelles : Bilan et perspectives de la gouvernance économique au sein de l'Union Européenne
The run up to the euro has been characterized by soft growth especially in the largest countries of the zone. This disappointing performance is often imputed to the insufficient extent of structural reforms in labour and product markets. The ECB conduct of monetary policy, and the Stability and Growth Pact, would on the other hand have no negative role in the growth performance of euro zone countries. The financial crisis while calling for a temporary softening of the constraints (notably on fiscal policy), would also confirm that monetary policy was more virtuous in the euro zone than in the United States. This article proposes a radically different interpretation. We argue that soft growth is the consequence of restrictive macroeconomic policies. These are not linked to the existence of the euro per se, that in fact has helped growth by minimizing monetary perturbations, but rather to the political compromise that led to the current institutions for the economic government of Europe. This compromise imposed rules for monetary and fiscal neutrality while pushing for structural reforms whose main objective was to impose a new norm on the distribution of wealth. Putting in place the appropriate policies for growth requires rethinking this norm, and the financial crisis may be an opportunity to do so.
Volume (Year): 120 (2010)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.cairn.info/revue-d-economie-politique.htm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Saint-Paul, Gilles, 2002.
"Employment protection, international specialization, and innovation,"
European Economic Review,
Elsevier, vol. 46(2), pages 375-395, February.
- Gilles Saint Paul, 1996. "Employment protection, international specialization and innovation," Economics Working Papers 256, Department of Economics and Business, Universitat Pompeu Fabra, revised May 1997.
- Saint-Paul, G., 1995. "Employment Protection, International Specialization, and Innovation," DELTA Working Papers 95-31, DELTA (Ecole normale supérieure).
- Gilles Saint-Paul, 1996. "Employment Protection, International Specialization, and innovation," IMF Working Papers 96/16, International Monetary Fund.
- Saint-Paul, Gilles, 1996. "Employment Protection, International Specialization, and Innovation," CEPR Discussion Papers 1338, C.E.P.R. Discussion Papers.
- Alberto Alesina & Enrico Spolaore & Romain Wacziarg, 2003.
"Trade, Growth, and the Size of Countries,"
Harvard Institute of Economic Research Working Papers
1995, Harvard - Institute of Economic Research.
When requesting a correction, please mention this item's handle: RePEc:cai:repdal:redp_202_0247. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.