Le système bancaire de la zone euro a été fortement touché par deux crises : celle des subprime puis celle des dettes souveraines. Il s'en est suivi un processus de fragmentation du système bancaire qui s'est traduit par des difficultés de financement pour les banques des pays en crise et...

The prevailing consensus on the role of central banks has eroded. The pursuit of the goal of price stability only is now insufficient to ensure macroeconomic and financial stability. A new paradigm emerges in which central banks should ensure price stability, growth and financial stability....

Le consensus qui prévalait sur le rôle des banques centrales s’est fissuré. La poursuite du seul objectif de stabilité des prix est aujourd’hui insuffisante pour assurer la stabilité macroéconomique et financière. Un nouveau paradigme émarge dans lequel les banques centrales doivent...

Recent evidence has renewed views on the size of fiscal multipliers. It is notably emphasized that fiscal multipliers are higher in times of crisis. Starting from this literature, we develop a simple and tractable model to deal with the fiscal strategy led by euro area countries. Constrained by...

The fiscal theory of the price level makes a distinction between two kinds of policy-making regimes : a Ricardian and a non-Ricardian one. We analyse here the conditions under which these regimes can apply to different periods, some of them being troubled periods, in a given economy. The case...

Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that...

This paper develops a comprehensive description of recent trends on the effectiveness of automatic stabilisers in the European Union, using both macro evidence on the cyclical sensitivity of budget deficits to economic activity and micro evidence on the tax and expenditure profiles. We conclude...

This paper aims at establishing the link between economic performance, financial depth and financial stability in the European Union from 1998 to 2011. We use the standard framework – both in terms of variables and econometric method – of Beck and Levine (2004) to estimate these...