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La crise du coût de la vie dans la zone euro : quels enseignements ?

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  • Helene Schuberth

Abstract

Five narratives haven't framed the perception and assessment of Europe's cost of living crisis: monetary policy has mainly been deemed as the best means to get inflation back on target. Policymakers should refrain from direct price control measures, in particular in the energy sector, otherwise they risk distorting resource allocation. Views about the fundamental drivers of inflation have shifted between excessive profit and wage claims, with the dominating concern ultimately becoming the risk of a wage price spiral. European economies, which are net energy importers, were hit by a negative terms-of-trade shock, requiring an income-distribution neutral orientation for wages on the GDP deflator instead of the CPI, which includes imported goods. Finally, policy should focus on supporting low-income households. However, in some countries establishment macroeconomics thinking prevented strategic price controls and measures to prohibit price gouging from being taken. JEL classification: E24, E31, E64.

Suggested Citation

  • Helene Schuberth, 2024. "La crise du coût de la vie dans la zone euro : quels enseignements ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 85-98.
    • Handle: RePEc:cai:refaef:ecofi_153_0085
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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy

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