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La nouvelle désinflation compétitive européenne

Author

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  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Germany?s current economic strategy is a variant of the so-called ?competitive disinflation? that France pursued in the late 1980s?. It is but one in a large array of non-cooperative strategies that EU countries have individually chosen to implement since the beginning of the monetary unification process, for lack of adequate common institutions that could foster coordination. Because competitive devaluations are no longer possible within the Euro zone, member states resort to various modes of competitive disinflation (wage moderation, tax competition, social dumping, etc.). The question raised by Germany?s strategy, that mimics that of smaller countries, is its effectiveness: we show that the composition of German economic growth is very different from that of smaller European countries. We conclude by discussing to hypotheses that may motivate Germany?s current policy choices. JEL Codes: E01, F43, O52.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jérôme Creel, 2007. "La nouvelle désinflation compétitive européenne," Sciences Po Economics Publications (main) hal-03417141, HAL.
    • Handle: RePEc:hal:spmain:hal-03417141
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    1. is not listed on IDEAS
    2. repec:spo:wpmain:info:hdl:2441/7o52iohb7k6srk09n2p94ecij is not listed on IDEAS
    3. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09i29kl94h0 is not listed on IDEAS
    4. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09h95ai71so is not listed on IDEAS
    5. Jacques Le Cacheux, 2007. "Le nerf de la guerre (économique) : Les faiblesses du budget européen," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 71-87.
    6. repec:spo:wpmain:info:hdl:2441/2082 is not listed on IDEAS
    7. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS
    8. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09h95chf5k8 is not listed on IDEAS
    9. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
    10. Sarah Guillou & Lionel Nesta, 2011. "Quelle politique industrielle dans la mondialisation ?," Sciences Po Economics Publications (main) hal-01024491, HAL.

    More about this item

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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