Plus de leadership pour plus d’Europe

MILAN – Le débat autour d’une meilleure gouvernance économique au sein de la zone euro apporte un nouvel éclairage sur les faiblesses du système. Déjà, lors de la signature du Traité de Maastricht, il était devenu évident qu’une union monétaire sans une démarche similaire dans le domaine budgétaire ne serait pas viable à long terme. Ce défaut fondamental a donc été masqué durant la première décennie de la monnaie unique.

La zone euro – dont la politique monétaire centralisée est menée par la Banque Centrale Européenne en parallèle aux 27 politiques budgétaires nationales – en est venue aujourd’hui à ressembler à une parodie de bons sens économique. Assez rapidement, des états importants tels que la France et l’Allemagne ont cessé de prendre au sérieux le Pacte de Stabilité et de Croissance de l’Union Européenne, supposé garantir la discipline budgétaire et la coordination entre les états membres. 

L’introduction de l’euro a relancé le commerce intra-européen et contribué à baisser l’inflation dans de nombreux états membres, mais ce faisant, les obligations budgétaires ont tout simplement été ignorées. L’euro est rapidement devenu la deuxième monnaie mondiale et a agi tel un bouclier contre les turbulences financières externes. Mais la prudence s’est envolée devant la flambée d’optimisme – comme le souligne l’intégration prématurée dans la zone euro de pays comme la Grèce, ainsi que le décalage entre le rythme d’élargissement de l’UE et celui de l’intégration institutionnelle.

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