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La Banque centrale européenne ou le Seigneur des euros

Author

Listed:
  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Jacky Fayolle

    (Centre Etudes & Prospective - Groupe ALPHA)

Abstract

Les débuts de la Banque centrale européenne (BCE) livrent une impression mitigée, dont sa relative inexpérience n'est sans doute pas la seule cause. Les statuts de la BCE et les conditions qui ont présidé à sa création ont en effet pesé lourdement dans la définition de ses références, à savoir la fixation d'un objectif d'inflation très bas. La BCE n'a certes pas vraiment failli, elle a même accompagné plutôt adroitement au cours de l'année 1999 la sortie de l'économie européenne du " trou d'air " causé par l'impact de la crise asiatique. Cet épisode lui a permis de manifester sa vigilance à l'égard du risque déflationniste et d'afficher la réalité, a priori incertaine, d'une borne inférieure à la fourchette-cible d'inflation : comme l'a alors déclaré le chef économiste de la BCE, Otmar Issing, en s'appuyant sur une lecture pointilleuse du texte de référence, l'objectif d'une croissance annuelle des prix à la consommation de la zone euro inférieure à 2 % signifie aussi l'exclusion d'une inflation négative (...).

Suggested Citation

  • Jérôme Creel & Jacky Fayolle, 2002. "La Banque centrale européenne ou le Seigneur des euros," SciencePo Working papers Main hal-01017808, HAL.
  • Handle: RePEc:hal:spmain:hal-01017808
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01017808
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    References listed on IDEAS

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    3. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 249-281.
    4. repec:hal:spmain:info:hdl:2441/2942 is not listed on IDEAS
    5. Jérôme Creel & Jacky Fayolle, 2002. "La Banque centrale et l'Union monétaire européennes : les tribulations de la crédibilité," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 211-244.
    6. repec:hal:spmain:info:hdl:2441/2139 is not listed on IDEAS
    7. Florence Huart & Bas Van Aarle & Harry Garretsen, 2006. "Chocs et règles de politique économique en UEM," Economie & Prévision, La Documentation Française, vol. 0(2), pages 43-63.
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    11. Angel Asensio, 2007. "Inflation targeting drawbacks in the absence of a 'natural' anchor," Post-Print halshs-00189225, HAL.
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    14. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro," Post-Print hal-03459617, HAL.
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    16. Ludovic Desmedt & Matthieu Llorca, 2016. "L’euro, le bourdon et le banquier central," Post-Print hal-01430375, HAL.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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