Henri Sterdyniak montre la nécessité de prendre au sérieux le déséquilibre attendu du système de retraite français et interroge les insuffisances des réformes de 2003 et 2008. Il identifie un certain nombre de priorités, notamment celle de favoriser l'emploi des seniors tout en tenant...

Taxation is high in EU countries. Tax-to-GDP ratios stand at around 40% compared with 25% in Japan and the US. This high level of taxation provides the funding of the European social model characterised by a high level of public expenditure and transfers. Apart from governing powers (armed...

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‘Social Europe’ has various meanings. It may refer to the current intervention of European authorities in the fields of social protection and employment legislation, as a complement or sometimes as a substitute to national institutions interventions. The role of European authorities is...

General public debates on international relocation in the EU-15 generally focus on the process in its narrow sense: a company closing a plant in one of EU-15 countries while simultaneously opening a plant in a low-wage emerging country where it will produce goods at lower costs to be offered on...

The 10th EUROFRAME1 Conference on economic policy issues in the European Union was held in Warsaw on 24 May 2013. The Conference topic was: “Towards a better governance in the EU?”. Twelve of the papers given at the Conference are released in this issue of the Revue de l’OFCE/Debates and...

This paper presents a critical assessment of the Stability and Growth Pact (SGP). Section 2 recalls the fiscal policy framework in the euro area. Section 3 provides an assessment of the first five years of the SGP. Section 4 addresses the weaknesses of the procedures: arbitrary criteria,...

According to the fiscal theory of the price level (FTPL), the interactions between monetary and fiscal policies with governments facing the possibility to act in a non-Ricardian manner make the general price level be fully determined. Here, depending on the expectations framework, we show to...

La théorie budgétaire du niveau des prix, soit en anglais la Fiscal Theory of the Price Level, (FTPL), a donné lieu à une intense littérature dans les années récentes1 (Leeper [1991], Sims [1994], Woodford [1994, 1995, 1996, 1998, 1999 et 2000], Canzoneri et alii [1998], Cochrane [1999,...

In June 2012 European Council launched the banking union as a new project expected to contribute to solve the euro area crisis. Is banking union a necessary supplement to monetary union or a new rush forward? A banking union would break the link between the sovereign debt crisis and the banking...