Pour une mutualisation de la dette au sein de la zone euro

LONDRES – Depuis les années 1970, les économistes rappellent qu'une union monétaire durable suppose une union budgétaire. Mais les dirigeants de la zone euro n'ont pas tenu compte de cet avertissement et les conséquences en sont de plus en plus perceptibles. L'Europe est confrontée à un choix difficile : soit remédier à l'erreur de conception initiale de l'euro et évoluer vers une union budgétaire, soit abandonner la monnaie commune.

Cette dernière option aurait des conséquences dévastatrices. Même si certaines voix contestent depuis les années 1990  le bien-fondé d'une union monétaire, le démantèlement de la zone euro entraînerait de graves troubles économiques, sociaux et politiques à travers toute l'Europe. Pour éviter cela, les dirigeants européens doivent concevoir et appliquer une stratégie destinée à faire évoluer la zone euro vers une union budgétaire.

Une union budgétaire telle que celle qui existe aux USA est une perspective lointaine que les dirigeants de la zone euro ne doivent pas s'attendre à voir réaliser de si tôt - ni même de leur vivant. Pour autant, une union budgétaire n'est pas un projet chimérique. De petits pas dans la bonne direction permettraient d'ouvrir la voie.

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