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Les limites du cadre institutionnel européen

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  • Menguy, Séverine


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    This paper propounds a revue of literature about the limits of the current European institutional framework. First, it appears that the status of the European Central Bank, and particularly its quasi exclusive aim to maintain the stability of prices, don’t ease the possibilities of harmonization of the budgetary policies between the member countries. Then, the institutional coordination of the budgetary policies seems nowadays insufficiently developed in Europe. Moreover, the constraints imposed by the Stability and Growth Pact are too much static: they undervalue the importance of the level of the public debt, and they impose the same norm of public deficits to countries which situations and budgetary expenditures are very heterogeneous. Finally, the budgetary constraints should better be related only to the structural part of the public deficits, and they should be made more symmetric in the different phases of the economic cycle. But the reform of the Pact which took place in March 2005 does only bring imperfect answers to some of these limits. Cet article propose une revue de la littérature des limites du cadre institutionnel actuel de l’Union européenne. Tout d’abord, il apparaît que les statuts de la Banque centrale européenne, et en particulier son objectif quasi exclusif de maintien de la stabilité des prix, ne facilitent pas les possibilités d’harmonisation des politiques budgétaires entre les pays membres. Ensuite, la coordination budgétaire institutionnelle semble encore insuffisamment développée en Europe. De plus, les contraintes imposées par le Pacte de stabilité et de croissance sont trop statiques : elles sous-valorisent le critère de dette publique et imposent des normes uniformes à des pays dont les situations et les dépenses publiques sont très hétérogènes. Enfin, il serait préférable que ces contraintes portent seulement sur la part structurelle des déficits publics et comportent davantage de symétrie dans les différentes phases du cycle économique. Or, la réforme du Pacte intervenue en mars 2005 n’apporte que des réponses imparfaites à certaines de ces limites.

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    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 82 (2006)
    Issue (Month): 3 (septembre)
    Pages: 395-418

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    Handle: RePEc:ris:actuec:v:82:y:2006:i:3:p:395-418
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    1. Matthew B. Canzoneri & Robert E. Cumby & Behzad T. Diba, 2002. "Should the European Central Bank and the Federal Reserve be concerned about fiscal policy?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 333-389.
    2. W.H. Buiter, 1999. "Alice in Euroland," CEP Discussion Papers dp0423, Centre for Economic Performance, LSE.
    3. Buti, Marco, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34908, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Eijffinger, Sylvester C W & Hoeberichts, Marco & Tesfaselassie, Mewael F., 2004. "Central Bank Communication and Output Stabilization," CEPR Discussion Papers 4408, C.E.P.R. Discussion Papers.
    5. Jérôme Creel, 2003. "Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact," Sciences Po publications 2003-04, Sciences Po.
    6. Geraats, Petra M., 2000. "Why Adopt Transparency? The Publication of Central Bank Forecasts," Center for International and Development Economics Research, Working Paper Series qt0hw7h7cp, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    7. Jeffery D. Amato & Stephen Morris & Hyun Song Shin, 2002. "Communication and Monetary Policy," Oxford Review of Economic Policy, Oxford University Press, vol. 18(4), pages 495-503.
    8. Buti, Marco & Eijffinger, Sylvester C.W. & Franco, Daniele, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Seminarios y Conferencias 6567, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    9. Athanasios Orphanides & Volker W. Wieland, 1998. "Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero," Finance and Economics Discussion Series 1998-35, Board of Governors of the Federal Reserve System (U.S.).
    10. Cukierman, A., 2000. "Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem," Papers 2000-4, Tel Aviv.
    11. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 65-113, 04.
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