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L'épargne et l'Europe


  • Denis Kessler
  • Jean Peyrelevade


[fre] L'article analyse les interactions entre l'épargne et la construction européenne. Il souligne que, si l'on assiste à une diminution générale du taux d'épargne des différents agents économiques en Europe, les niveaux d'épargne, les structures des flux d'épargne, la composition des patrimoines financiers et non financiers diffèrent significativement d'un pays européen à l'autre. Il montre que ces spécificités ne s'expliquent pas complètement par des différences d'environnements économiques et sociaux, mais qu'elles sont aussi dues à une hétérogénéité plus fondamentale des comportements financiers des agents économiques. Les auteurs soulignent que cette baisse de l'épargne et cette hétérogénéité des comportements risquent de compliquer le fonctionnement du grand marché. Celui-ci ne pourra, en effet, produire ses pleins effets que si le marché européen des capitaux est alimenté efficacement. Les auteurs suggèrent, enfin, quelles pourraient être les grandes priorités d'une politique européenne de l'épargne. [eng] This article analyses the interactions between savings and European construction. It underlines that, while there is a general decrease the rate of savings of the various economic agents in Europe, the savings levels, the savings flow structures, the composition of financial and non-financial wealth differ significantly from one European country to another. It shows that those specificities do not only reflect differences in the economic and social environment but are also due to a more fundamental heterogeneity in financial behaviour. The authors underline that this savings decrease and this heterogeneity in behaviour may complicate the operation of the single market, which will operate to full effect only if the European capital market is efficiently supplied. The authors suggest, finally, which could be the major priorities of a European savings policy.

Suggested Citation

  • Denis Kessler & Jean Peyrelevade, 1992. "L'épargne et l'Europe," Revue Française d'Économie, Programme National Persée, vol. 7(2), pages 3-30.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1992_num_7_2_1306
    Note: DOI:10.3406/rfeco.1992.1306

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