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L'euro et les enjeux de la politique euro-méditerranéenne

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  • Eric Gasperini
  • Franco Praussello

Abstract

[eng] The euro and stakes of the Euro-Mediterranean Policy . Since the Conference of Barcelona (1995) the Mediterranean policy of Europe, without to be called into question, mark a step. The creation of the euro will have for the economies of southern banks and east of the Mediterranean multiple and complex consequences. It is essential, for Europe as for these Countries of the South benefitting from the apparition of this currency, with a strong international vocation, to re-examine their economic and financial relations and to reactivate their co-operation. That can appear paradoxical in a context of financial liberalization that they have all adopted. It is true that current flows of northern bank to southern bank (assistances, financial operations, direct investments) remain, in spite of the efforts carried out, very insufficient. The euro can contribute to make evolve the financial relations and the interdependence could be very different. Without calling into question the sovereignty and the independence of the macroeconomic policies of the nations concerned, the constitution of a vast euro zone seems possible and desirable. It however requires the setting-up of a Regional Organization of Monetary and Financial Co-operation whose article traces the broad outline. [fre] Depuis la conférence de Barcelone (1995) la politique méditerranéenne de l’Europe, sans avoir été remise en cause, marque un peu le pas. La création de l’euro aura pour les économies des rives sud et est de la Méditerranée des conséquences multiples et complexes. Il est essentiel, pour l’Europe comme pour ces Pays du Sud de profiter de l’apparition de cette monnaie, à la vocation internationale forte, pour revoir leurs relations économiques et financières et réactiver leur coopération. Cela peut paraître paradoxal dans un contexte de libéralisation financière que les uns et les autres ont adopté. Il est vrai que les flux actuels de la rive nord à la rive sud (aides, mouvements financiers, IDE) demeurent, malgré les efforts réalisés, très insuffisants. L’euro peut contribuer à faire évoluer les relations financières et, pour peu que les uns et les autres le souhaitent, les rapports d’interdépendance pourraient s’en trouver modifiés. Sans remettre en cause la souveraineté et l’indépendance des politiques macroéconomiques des nations concernées, la constitution d’une vaste Zone euro semble possible et souhaitable. Elle nécessite cependant la mise sur pied d’une Organisation Régionale de Coopération Monétaire et Financière dont l’article trace les grandes lignes.

Suggested Citation

  • Eric Gasperini & Franco Praussello, 1999. "L'euro et les enjeux de la politique euro-méditerranéenne," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 99-116.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3531
    DOI: 10.3406/ecofi.1999.3531
    Note: DOI:10.3406/ecofi.1999.3531
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    1. Sinn, Hans-Werner & Feist, Holger, 1997. "Eurowinners and Eurolosers: The distribution of seigniorage wealth in EMU1," European Journal of Political Economy, Elsevier, vol. 13(4), pages 665-689, December.
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    3. Hans-Werner Sinn & Holger Feist, 1997. "Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU," NBER Working Papers 6072, National Bureau of Economic Research, Inc.
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