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Les trilemmes de la zone euro

Author

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  • Meixing Dai

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)

  • Moïse Sidiropoulos

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)

Abstract

Il est bien connu en théorie de la macroéconomie monétaire internationale qu'une petite économie ouverte est confrontée au triangle d'incompatibilité de Mundell, à savoir, un pays ne peut avoir à la fois la mobilité parfaite des capitaux, l'autonomie de la politique monétaire et la fixité du taux de change. Deux de ces trois options peuvent être retenues à la fois. Pour échapper à ce triangle, sachant que la mobilité des capitaux est imposée par l'avènement du marché unique et le choix d'un régime de change quasi fixe est dicté par l'impérative d'assurer une meilleure convergence des prix au sein de l'Union européenne (UE), beaucoup de pays membres de l'UE ont décidé de franchir le pas vers la monnaie unique. Les faits récents ont montré qu'en adhérant à la monnaie unique, les pays membres de la zone euro se sont sortis du triangle de Mundell mais sont confrontés à de nouvelles trinités impossibles.

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  • Meixing Dai & Moïse Sidiropoulos, 2018. "Les trilemmes de la zone euro," Post-Print hal-04038518, HAL.
    • Handle: RePEc:hal:journl:hal-04038518
    Note: View the original document on HAL open archive server: https://hal.science/hal-04038518
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