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La politique de change de la zone euro ou le hold-up tranquille de la BCE

Author

Listed:
  • Jérôme Creel
  • Éloi Laurent
  • Jacques Le Cacheux

Abstract

Exchange rate policy is of primordial economic importance given its impact on price stability, real growth and regional cohesion. In this article, we argue that the euro area thus needs a true exchange rate policy, to which it is entitled by law, but that it finds itself unable to implement for political reasons. The ECB has indeed illegally pre-empted the European exchange rate policy to submit it to the objective of price stability, with the tacit agreement of EU member states. The consequence of this ?quiet hijacking? is twofold: the exchange rate of the euro is a factor of regional instability; the euro area is more a spectator than a actor in our globalization. JEL Codes: JEL: E42, E58, E61, F31, N14.

Suggested Citation

  • Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "La politique de change de la zone euro ou le hold-up tranquille de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 100(1), pages 7-30.
    • Handle: RePEc:cai:reofsp:reof_100_0007
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    Citations

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    Cited by:

    1. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Les enjeux du triple mandat de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 175-186.
    2. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Dealing with the ECB's triple mandate?," Post-Print hal-01072114, HAL.
    3. repec:hal:spmain:info:hdl:2441/53ccj34tat80tq7f6ff0qvvjtj is not listed on IDEAS
    4. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
    5. repec:spo:wpmain:info:hdl:2441/7o52iohb7k6srk09n2p94ecij is not listed on IDEAS
    6. repec:hal:spmain:info:hdl:2441/2082 is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/5ijkqb693t96eroonv2394h9ig is not listed on IDEAS
    8. repec:hal:spmain:info:hdl:2441/7o52iohb7k6srk09n2p94ecij is not listed on IDEAS
    9. repec:hal:wpspec:info:hdl:2441/2139 is not listed on IDEAS
    10. repec:hal:spmain:info:hdl:2441/2139 is not listed on IDEAS
    11. Céline Antonin & Christophe Blot & Sabine Le Bayon & Catherine Mathieu, 2013. "La quête de la compétitivité ouvre la voie de la déflation," Post-Print hal-03470596, HAL.
    12. repec:spo:wpmain:info:hdl:2441/2139 is not listed on IDEAS
    13. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro," Post-Print hal-03459617, HAL.
    14. repec:spo:wpmain:info:hdl:2441/53ccj34tat80tq7f6ff0qvvjtj is not listed on IDEAS
    15. Jacques Le Cacheux, 2007. "Le nerf de la guerre (économique) : Les faiblesses du budget européen," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 71-87.
    16. repec:spo:wpmain:info:hdl:2441/2082 is not listed on IDEAS
    17. repec:spo:wpmain:info:hdl:2441/5ijkqb693t96eroonv2394h9ig is not listed on IDEAS
    18. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS

    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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