Politique économique mixte et chocs asymétriques: le cas de la zone euro

Alain Durré ()

Reflets et perspectives de la vie économique, 2013, vol. LII, issue 2, 67-82

Abstract: The absorption of asymmetric economic shocks is particularly essential when countries share the same currency while fiscal policy is decentralized at the national level. In this respect, the specific case of the Economic and Monetary Union (EMU) deserves particular attention since the onset of the financial crisis that started on 9 August 2007. This article recalls the origins of the institutional setting of the euro against the academic literature of the interaction between fiscal and monetary policies. The main conclusion focuses on the need to strengthen the adjustment mechanisms established in the euro area on the account of the recent crisis to complement the monetary union by a real economic union ? not necessarily requiring a fiscal union ? hence to warrant the sustainability of the area in the future.

Date: 2013
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