The COVID-19 pandemic and the pressure it has created on member states’ public finances have led European authorities to suspend the EU’s fiscal rules. In fact, these rules had long been criticised by academics and had only been abided by exceptionally. Beyond the rules themselves, the...

This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers...

This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to...

We reply to the critics who contributed the other papers in the same issue of this journal. In the first part of the article, we indicate those remarks addressed to us, which we deem inappropriate to answer. The second part deals with the remarks we find useful to answer, which relate to money,...

While much attention has focused on the factors that brought about the so-called new economy, much less attention has been paid to optimal policy responses following the establishment of the new economy. In the third article, Gilbert Cette and Christian Pfister from the Bank of France provide...

[fre] Comme il ne paraît ni souhaitable ni possible d'instituer un prêteur international en dernier ressort, il faut plutôt rechercher comment le cadre existant peut être aménagé pour pallier les défaillances des marchés internationaux de capitaux. Deux voies complémentaires sont à...

[fre] "New economy" and monetary policy. . The emergence and diffusion of information and communication technologies (ICT) raise potential growth along uncertain proportions and for an indeterminate period. This speeding up of growth and the partly transitory slowdown of inflation that cornes...

[eng] From the EMS to a Single Currency . An Analysis of the Monetary Aspects of the Treaty . Advocated by its instigators as creating a stable zone in Europe, the EMS has mainly strengthened the alignment of European economies with a low-inflation growth model. In the early 1990s, the EMS...