La politique de change de la zone euro ou le hold-up tranquille de la BCE

Jerome Creel, Eloi Laurent and Jacques Le Cacheux

Revue de l'OFCE, 2007, vol. 100, issue 1, 7-30

Abstract: Exchange rate policy is of primordial economic importance given its impact on price stability, real growth and regional cohesion. In this article, we argue that the euro area thus needs a true exchange rate policy, to which it is entitled by law, but that it finds itself unable to implement for political reasons. The ECB has indeed illegally pre-empted the European exchange rate policy to submit it to the objective of price stability, with the tacit agreement of EU member states. The consequence of this ?quiet hijacking? is twofold: the exchange rate of the euro is a factor of regional instability; the euro area is more a spectator than a actor in our globalization. JEL Codes: JEL: E42, E58, E61, F31, N14.

JEL-codes: E42 E58 E61 F31 N14 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (17)

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Working Paper: La politique de change de la zone euro ou le hold-up tranquille de la BCE (2007)
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