IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

L’Union européenne en crise face au dogme de l’efficience des marchés financiers

Listed author(s):
  • André Prüm
Registered author(s):

    The European Union crisis responses and the Efficient Capital Markets Hypothesis (ECMH): The hypothesis that capital markets naturally function in an efficient way - possibly one of the widest accepted dogmas of contemporary liberalism - has for many years encouraged politicians and regulators in the US and in Europe to refrain from regulating too strictly or even to deregulate the financial industry. Moreover, by leaving the final responsibility of the soundness of their public finances to the individual Member States, the Efficient Capital Markets Hypothesis (ECMH) underpins the constitutional framework of the Economic and Monetary Union (EMU). The recent financial and sovereign debts crises, however, have highlighted the limits of the ECMH and the dangers for market actors, financial institutions, regulators and politicians of relying on the efficiency of financial markets without any qualification. In reaction to the financial and sovereign debts crises the European Union and its Member States have thus adopted or proposed a vast set of measures, stretching from new mechanisms of solidarity within the euro-zone to a banking union. While the overarching goal is to release the stress that financial markets continue to exercise both on the stability of the financial system and the EMU, these measures have been designed in urgency and tend to focus on specific issues. The overall vision and coherence of these measures are far from obvious. The present paper proposes to assess to what extent the European Union has learned the lessons about the ECMH and its impact on regulation that the crises taught us.

    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:
    File Function: Full text
    Download Restriction: no

    File URL:
    File Function: Full text
    Download Restriction: no

    Paper provided by European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS) in its series EUI-RSCAS Working Papers with number 1.

    in new window

    Date of creation: 26 Feb 2013
    Handle: RePEc:erp:euirsc:p0328
    Contact details of provider: Postal:
    Via dei Roccettini, 9 - I-50016 San Domenico di Fiesole

    Web page:

    More information through EDIRC

    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:erp:euirsc:p0328. 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: (Valerio PAPPALARDO)

    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.