Crise de l'euro et divergences économiques: les conséquences du marché unique pour l'unité européenne

David Cayla

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Abstract: The real causes of the euro crisis (2010-2013) are still questioned. For the European authorities, it is mainly due to the imperfection of the national institutions of the affected countries. In response, the policies implemented in these countries were to correct these imperfections by reforming deeply their national institutions in a move towards a balanced budget and improved competitiveness. In this article, it is argued that the origins of the crisis lie in the very functioning of the Single Market. By organizing the European economy according to the principles of free competition and by promoting the circulation of mobile production factors, the Single Market has strengthened the agglomeration mechanisms, which has led to a European industrial polarization. Although this dynamic has been beneficial for the core European countries, it accelerated the deindustrialization of peripheral economies. Moreover, the policies pursued since 2010 in the countries affected by the euro crisis have failed to correct the economic imbalances. It then appears that only a profound reconsideration of the rules that organize the functioning of the European Single Market would be likely to stop the current divergence dynamics of European economies.

Keywords: European economy; Single Market; eurozone; eurozone reforms; optimum currency area; euro crisis; financial crisis; agglomeration effect; industrial polarization; economic divergence; Crise de l'euro; Crise financière; Effets d'agglomération; Polarisation industrielle; Divergence économique; Economie européenne; Marché unique; euro; Zone euro; Réformes de la zone euro; Zone monétaire optimale (search for similar items in EconPapers)
Date: 2019
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02099797
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Citations: View citations in EconPapers (1)

Published in La Constitution matérielle de l'Europe, Pédone, A paraître

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Working Paper: Crise de l’euro et divergences économiques: les conséquences du marché unique pour l’unité européenne (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02099797

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