En raison de la crise des dettes publiques, les projets visant à instaurer des règles budgétaires sont revenus au premier plan. Cette étude analyse leurs justi fications et les spécifications proposées, dans un cadre néo-classique, puis dans un cadre keynésien. Il n'y a aucune preuve...

La période d’avant-crise, comme la crise, ont mis en évidence les défauts d’organisation de la zone euro. Il est difficile d’avoir une monnaie unique entre des pays dont les conjonctures et les problèmes structurels diffèrent. La gouvernance mise en place (pas de garantie des dettes...

The 2007 crisis highlighted the drawbacks of the euro area framework which were already there from the launch of the single currency. There cannot be a single currency between countries with different economic situations and independent economic policies. Euro area governance (no public debts...

Le 8 juin 2012, s’est tenue à Kiel la 9e Conférence EUROFRAME1 sur les questions de politique économique de l’Union européenne. Son sujet était : « La zone euro en crise : quelles perspectives pour la politique monétaire et les politiques budgétaires ? ». Le présent numéro de la...

The economic crisis which started in 2008 led to a strong rise in public debts. The sovereign debt crisis in euro area southern countries broke the unity of the euro area and weakened the “single currency” concept. The paper shows that this situation is not due to a lack of fiscal discipline...

The public finances crisis has brought binding fiscal rules proposals back to the forefront. The paper analyses their justifications and specifications, either in a classical or in a Keynesian framework. In the recent period there is no evidence that public deficits were caused by fiscal...

International relocation has become a topical issue in recent months, in France as elsewhere in Europe. This working paper is a set of four articles. Guillaume Daudin and Sandrine Levasseur provide an assessment of the impact of international relocation on French employment. Georges Pujals deals...

The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...

Faced with the impossibility of reaching a political agreement to review the fiscal treaties, the Commission could limit itself to applying the current rules with flexibility, which would maintain an ambiguous situation: much ado about nothing.

Since the launch of the euro, persistent and even rising disparities among member states have made it difficult to implement short-term or structural common economic policies. The article gives an overview of Euro area disparities in terms of growth and inflation and imbalances, mainly...