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The Lesson of the Crisis for EU Policy Making

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  • Francesco Saraceno

    (Observatoire français des conjonctures économiques (OFCE))

Abstract

Les leçons de la crise pour le système politique européen L’article examine la vision dominante de la crise de l’UEM, souvent attribuée à Berlin, et exprimant un consensus macroéconomique qui émergea dans les années 1990. Ce consensus se fonde sur le refus des politiques discrétionnaires, particulièrement en matière fiscale, laissant au jeu du marché le soin de répondre aux choses macroéconomiques. Ce consensus constitua non seulement la réponse à la crise mais il fut à la base de la fondation de certaines institutions par le traité de Maastricht (mandat de la BCE et règles fiscales). Le papier met en avant les limites de cette approche. Des institutions s’inspirant du fonctionnement d’une fédération seraient nécessaires pour réduire les disparités et répondre aux crises économiques à venir.

Suggested Citation

  • Francesco Saraceno, 2015. "The Lesson of the Crisis for EU Policy Making," Sciences Po publications info:hdl:2441/3utcg8e98v9, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/3utcg8e98v9is94f1fuvoa59gs
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    Keywords

    EU Policy; EU macroeconomic Consensus;

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