Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies

Jerome Creel, Eloi Laurent and Jacques Le Cacheux

Revue de l'OFCE, 2007, vol. n° 102, issue 3, 249-281

Abstract: Economic performance has been feeble in the Euro area since the monetary union process was put in motion in the early 1990s. While the cause for this under-performance remains subject to debate, we argue in this paper that the rules and institutions governing the Euro area are clearly not conducive to high coordinated growth policies. Because monetary authorities are too much concerned with price stability, the pro-cyclical bias of fiscal policies is reinforced and member states are even more pressured to pursue social disinflation policies by the misalignment of the exchange rate of the Euro. A more balanced interpretation of the European treaties should remedy the current predicament and foster macroeconomic policies oriented toward high sustainable growth and the preservation of social justice. JEL Classification: E42, E58, E61, F31, N14.

Keywords: economic performance; Euro area; macroeconomic policies (search for similar items in EconPapers)
JEL-codes: E42 E58 E61 F31 N14 (search for similar items in EconPapers)
Date: 2007
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Related works:
Working Paper: Politiques et performances macroéconomiques de la zone euro: institutions, incitations, stratégies (2007)
Working Paper: Politiques et performances macroéconomiques de la zone euro: institutions, incitations, stratégies (2007)
Working Paper: Politiques et performances macroéconomiques de la zone euro: institutions, incitations, stratégies (2007)
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