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Pour une combinaison politique monétaire / politique macroprudentielle au service de la stabilité économique et financière de la zone euro

Author

Listed:
  • Jézabel Couppey-Soubeyran
  • Salim Dehmej

Abstract

The experience of the euro area over the last decade has shown that a single monetary policy does not necessarily promote the convergence of economies belonging to a monetary union. The objective of this paper is threefold. First, we seek to illustrate the divergences between countries using a Taylor gap between the ECB interest rate and that of a standard Taylor rule, calculated at several levels: the euro area, the core, the periphery, and some individual countries, representing those regions. Then, we show that a monetary policy that tries to correct financial imbalances using a Taylor rule extended to financial stability could amplify these divergences. Finally, we explain how the euro area could benefit from adopting a new policy mix that combine the unique monetary policy with a macroprudential policy, adjusted to the economic and financial situation of each Member State. This combination would promote financial stability but also the macroeconomic stability.

Suggested Citation

  • Jézabel Couppey-Soubeyran & Salim Dehmej, 2016. "Pour une combinaison politique monétaire / politique macroprudentielle au service de la stabilité économique et financière de la zone euro," Revue d'économie politique, Dalloz, vol. 126(1), pages 3-31.
  • Handle: RePEc:cai:repdal:redp_261_0003
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    Cited by:

    1. Badarau, Cristina & Carias, Marcos & Figuet, Jean-Marc, 2020. "Cross-border spillovers of macroprudential policy in the Euro area," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 1-13.
    2. Salim Dehmej & Leonardo Gambacorta, 2019. "Macroprudential Policy in a Monetary Union," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(2), pages 195-212, June.

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