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After the cash changeover

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  • Jean-Paul Fitoussi

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

Abstract

Current forecasts for Europe are currently grounded on a compromise between two alternative hypothesis, which I will describe in a stylised way. According to the first which may be called the big economy assumption, the European economy not being poisoned by structural desequilibria - the huge private sector deficit (about 5% of GDP) which characterises the American economy as a consequence of past overinvestment - should soon rebound in such a way that the prospect for 2002, and in a greater extent for 2003, will be rather bright. After all, one of the benefit rightly expected from the creation of the euro is that it transforms a collection of small and medium sized economies into one big economy arithmetically less open to trade and enjoying thus a greater degree of autonomy (...).

Suggested Citation

  • Jean-Paul Fitoussi, 2002. "After the cash changeover," Working Papers hal-00972904, HAL.
    • Handle: RePEc:hal:wpaper:hal-00972904
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-00972904
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