Dean Rohrer

Le compte à rebours final pour l’euro ?

L’adoption de la monnaie unique en 1999 avait pour objectif de réduire les disparités économiques entre les pays membres de l’union monétaire. Les taux de chômage devaient converger, ainsi que d’autres variables macroéconomiques importantes, comme le coût unitaire du travail, la productivité, les déficits fiscaux et l’endettement des États. En fin de compte, les disparités des richesses, mesurées en termes de revenus par tête, devaient également être atténués.

Force est pourtant de constater, une décennie après l’introduction de la monnaie unique, que des divergences plus marquées, et non une convergence rapide, sont devenus la norme au sein de la zone euro, avec un accroissement possible des tensions.

Les différences entre les États membres étaient déjà importantes il y a dix ans. L’euro est devenu la monnaie commune de pays très riches, comme les Pays-Bas et l’Allemagne et de pays beaucoup plus pauvres, comme la Grèce et le Portugal. L’euro a également été adopté par les Finlandais, les champions de l’innovation et de la flexibilité des marchés, et par l’Italie qui, n’ayant aucune de ces qualités, a été qualifiée « d’homme malade de l’Europe ».

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