IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

Les implications budgétaires de l'union monétaire

  • Charles Wyplosz

[eng] The European economic and monetary union has one major implication on fiscal policy. Indeed the monetary union being caracterized by uniform real interest rates, fiscal policies will not affect anymore exchange rates, but the prices levels ; the EEC countries will have to bear the consequences on real interest rates. Consequently, since prices rigidities do exist, it will be necessary to compensate the loss of exchange rate instrument by coordinating fiscal policies to avoid instability and non cooperative actions. But, contrary to the recommandation of Mr Delor's report, the paper shows that this dees not imply the reinforcing of fiscal discipline by creating an upper limit to the public deficits of member countries. Theses aspects, together with the risks of fiscal competitivity among countries and whith the generalisation of externalities which should accompany the increasing market integration, are in favour of a substantial increase of the EEC budget. [fre] L'unification économique et monétaire de l'Europe a des implications majeures en matière de politique budgétaire. En effet, l'union monétaire étant caractérisée par l'existence d'un taux d'intérêt réel uniforme, les conséquences des politiques budgétaires transiteront, non plus par des ajustements de changes, mais par des variations des niveaux absolus de prix ; l'ensemble des pays membres en supportera les effets sur les taux d'intérêt réels. Dans la mesure où, dès lors qu'il existe des rigidités de prix, il faudra compenser la perte de l'instrument taux de change, il sera nécessaire de coordonner les politiques budgétaires si l'on veut éviter l'instabilité et les actions non coopératives. Mais contrairement aux recommandations du rapport Delors, ceci n'implique pas en général que l'on doive renforcer la « discipline budgétaire » en instaurant des plafonds sur les déficits publics des États membres. Ces aspects, alliés aux risques de concurrence fiscale entre pays et à la généralisation des externalités qui devraient aller de pair avec l'intégration croissante des marchés, plaident en faveur d'une augmentation substantielle du budget communautaire.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

File URL:
Download Restriction: no

Article provided by Programme National Persée in its journal Revue de l'OFCE.

Volume (Year): 33 (1990)
Issue (Month): 1 ()
Pages: 155-173

in new window

Handle: RePEc:prs:rvofce:ofce_0751-6614_1990_num_33_1_1678
Note: DOI:10.3406/ofce.1990.1678
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:rvofce:ofce_0751-6614_1990_num_33_1_1678. 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: (Equipe PERSEE)

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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.