Redemption ?

Abstract : The economic crisis which started in 2008 led to a strong rise in public debts. The sovereign debt crisis in euro area southern countries broke the unity of the euro area and weakened the "single currency" concept. The paper shows that this situation is not due to a lack of fiscal discipline in Europe, but to drifts in financial capitalism and to an inappropriately designed euro area economic policy framework. Public debts homogeneity needs to be resettled in Europe. European public debts should become safe assets again, and should not be subject to financial markets' assessment. EU Member States should not be requested to pay for past sins through austerity measures, and should not strengthen fiscal discipline through rules lacking economic rationale. The paper deals with recent proposals made to improve euro area governance (redemption fund, European Treasury, eurobonds, public debt guarantee by the ECB). The paper advocates for a full guarantee of government bonds for the Member States who commit to an economic policy coordination process, which should target GDP growth and coordinated reduction of imbalances.
Type de document :
Article dans une revue
Liste complète des métadonnées

Littérature citée [17 références]  Voir  Masquer  Télécharger

https://hal-sciencespo.archives-ouvertes.fr/hal-00980390
Contributeur : Spire Sciences Po Institutional Repository <>
Soumis le : mercredi 21 mai 2014 - 18:08:12
Dernière modification le : lundi 17 juin 2019 - 18:26:09
Document(s) archivé(s) le : lundi 10 avril 2017 - 15:15:16

Fichier

artcmhs-r132.pdf
Accord explicite pour ce dépôt

Identifiants

Collections

Citation

Catherine Mathieu, Henri Sterdyniak. Redemption ?. Revue de l'OFCE - Débats et politiques, 2014, pp.51-91. ⟨hal-00980390⟩

Partager

Métriques

Consultations de la notice

186

Téléchargements de fichiers

200