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Les enjeux du rattachement des monnaies du Maghreb à l'euro

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  • Marie-Noëlle Cales

Abstract

[eng] The stakes of Maghreb currencies peg to euro. This paper investigates some of the stakes which weight upon Maghreb monetary strategies. The euro birthday and the perspectives of euro-Mediterranean free trade area constitute two opportunities which allow Maghreb countries to consider a revision in their exchange rate policies. The necessary modernization of financial and banking systems and the risk of maginalization facing East Oriental European Countries suggests a broader transparence of exchange rate policies. Starting from different peg experiences, we explicit the stakes of euro as an anchor for Maghreb currencies. We show that a nominal crawling peg presents a double advantage : not only it induces fiscal and monetary discipline, but also it does that without worsening foreign trade. [fre] Ce papier analyse quelques-uns des enjeux qui pèsent sur les stratégies monétaires maghrébines. La naissance de l’euro et les perspectives de la ZLE euro-méditerranéenne constituent deux événements qui permettent aux économies du Maghreb d’envisager une révision de leurs politiques de change. La nécessaire modernisation des systèmes bancaires et financiers et les risques de marginalisation par rapport aux PECO plaident en effet pour une plus grande transparence de ces dernières. A partir de l’analyse de diverses expériences d’ancrage, il est possible de montrer les enjeux d’un rattachement des monnaies du Maghreb à l’euro, rattachement qui pourrait prendre la forme d’un ancrage nominal à crémaillère, ce qui permettrait de produire de la discipline monétaire et budgétaire sans porter un préjudice trop fort au commerce extérieur.

Suggested Citation

  • Marie-Noëlle Cales, 1999. "Les enjeux du rattachement des monnaies du Maghreb à l'euro," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 147-161.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3535
    DOI: 10.3406/ecofi.1999.3535
    Note: DOI:10.3406/ecofi.1999.3535
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    4. Agnès Bénassy-Quéré & Benoît Mojon & Jean Pisani-Ferry, 1997. "The Euro and Exchange Rate Stability," Working Papers 1997-12, CEPII research center.
    5. De Grauwe, Paul, 1997. "Exchange Rate Arrangements between the Ins and the Outs," CEPR Discussion Papers 1640, C.E.P.R. Discussion Papers.
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