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Réduire les divergences en zone euro en régulant les cycles financiers

Author

Listed:
  • Jézabel Couppey-Soubeyran
  • Salim Dehmej

Abstract

La zone euro souffre de divergences économiques et financières entre ses membres. La politique monétaire ne peut pas y remédier, puisqu’elle est unique, donc calibrée et menée pour la moyenne de la zone. Elle peut même les accroître en agissant seule, sans autre levier de politique économique pour la compléter. Cela rend urgent un nouveau policy mix en zone euro, qui prenne en compte le fait que la zone est hétérogène et soumise à des cycles financiers peu synchrones. Rechercher la stabilité économique par la stabilité financière est possible dans le cadre de la politique macroprudentielle, dont l’action contracyclique peut-être calibrée par pays, tout en étant coordonnée au niveau de la zone par une institution déjà en place, le Conseil européen du risque systémique. La zone euro se trouverait ainsi dotée de l’instrument d’ajustement macro-conjoncturel qui lui fait tant défaut depuis ses débuts.

Suggested Citation

  • Jézabel Couppey-Soubeyran & Salim Dehmej, 2017. "Réduire les divergences en zone euro en régulant les cycles financiers," La Lettre du CEPII, CEPII research center, issue 382.
    • Handle: RePEc:cii:cepill:2017-382
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    Cited by:

    1. Maximilien Coussin & Anne-Laure Delatte, 2019. "Les cycles financiers convergent-ils en zone euro? En phase oui, en amplitude non," La Lettre du CEPII, CEPII research center, issue 403.

    More about this item

    Keywords

    zone euro;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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