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

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.