L’improbable policy mix de la zone euro

Pierre Jaillet

Revue française d'économie, 2023, vol. XXXVIII, issue 2, 63-82

Abstract: The Treaty on Economic and Monetary Union defines an original policy mix model in which budgetary policies remain under the authority of the Member States, while the single monetary policy is delegated to the European Central Bank, a federal institution at the heart of the Eurosystem. This article analyses the limitations of this model in the light of the experience of the first two decades of EMU. It then reviews the various phases of the eurozone policy mix since 1999, marked by sometimes abrupt reversals from fiscal to monetary dominance. The final section examines proposals for strengthening economic governance in the eurozone and improving an inherently unstable policy mix.

Date: 2023
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