Aller simple pour l'Union. Croissance comparée en France, Allemagne et Italie sur la décennie 1990

Odile Chagny, Valérie Chauvin and Paola Veroni

Revue de l'OFCE, 2001, vol. 78, issue 3, 75-95

Abstract: The biggest countries of the Euro area agreed upon strict nominal constraints to build the monetary union. Some of their previous imbalances have been corrected at high cost. The private debt burden eased in France, though high interest rates made it heavier at first. Italy suffered to close the gap built during the 80s.The convergence of inflation and fiscal policy weighed on household income. The end of indexation limited the impact of disinflation on the equilibrium unemployment rate. Lower interest rates restored profitability in France and Italy. In Germany, the reunification fuelled inflation and its financing sucked previous savings. These imbalances were reduced through job losses. Germany who joined the monetary union with an overvalued DM financed part of the unification by imposing high interests rates to the countries whose currency was pegged to the DM.

Date: 2001
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