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Gouvernance économique dans la zone euro : évolution ou conflit ?

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  • Niels Thygesen

Abstract

[eng] Economic governance in the Euro Zone : change or conflict ? . One might ask if, 50 years after the Treaty of Rome, it might not be a good idea to re-examine economic governance in the Euro Zone. On the whole, the current structure seems appropriate, even if politicians in certain countries have expressed dissatisfaction that the ECB is responsible for making the lion’s share of the decisions. Moreover, this structure is perfectly adaptable ; the revisions to the Stability and Growth Pact (SGP) give more discretion to the national finance ministries, particularly within the Eurogroup, and address the overall posture of tax policy and the mix policy as a basis for their communication with the ECB. It is also the Eurogroup’s responsibility to adopt « general guidelines » on exchange rate policy. Lastly, current tensions could be partly reduced if the political authorities were to approve the ECB’s 2% inflation target. . JEL classification : F15, F36, N14 [fre] On peut se demander si, 50 ans après le Traité de Rome, la gouvernance économique dans la zone euro ne doit pas être réexaminée. Au fond, la structure actuelle semble appropriée même si elle engendre quelque insatisfaction chez quelques hommes politiques dans certains pays parce que le théâtre de la prise de décision incombe largement à la BCE. En outre, la structure est parfaitement capable d’adaptation ; les révisions du Pacte de stabilité et de croissance (PSC) donnent plus de discrétion aux ministres des Finances nationaux, notamment au sein de l’Eurogroupe, pour se pencher aussi sur la posture d’ensemble de la politique fiscale et sur le policy mix comme une base de leur dialogue avec la BCE. Il est également du ressort de l’Eurogroupe d’adopter des « orientations générales » concernant la politique de taux de change. Enfin, la tension pourrait être en partie réduite si les autorités politiques approuvaient l’objectif d’inflation de 2% de la BCE. . Classification JEL : F15, F36, N14

Suggested Citation

  • Niels Thygesen, 2007. "Gouvernance économique dans la zone euro : évolution ou conflit ?," Revue d'Économie Financière, Programme National Persée, vol. 88(2), pages 233-243.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_88_2_4275
    DOI: 10.3406/ecofi.2007.4275
    Note: DOI:10.3406/ecofi.2007.4275
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    1. repec:bla:jcmkts:v:44:y:2006:i::p:823-844 is not listed on IDEAS
    2. Jean Pisani‐Ferry, 2006. "Only One Bed for Two Dreams: A Critical Retrospective on the Debate over the Economic Governance of the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 44(4), pages 823-844, November.
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    More about this item

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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