Tim Brinton

Les nécessaires réformes institutionnelles

FRANKFORT – Malgré les nombreuses discussions à ce sujet en Europe aujourd’hui, il n’y a pas de crise de l’euro. Il y a par contre une crise de la dette souveraine dans quelques pays qui doivent aujourd’hui faire face aux conséquences de réformes économiques insuffisantes. Mais ces difficultés ne sont pas propres à la zone euro. La plupart des économies avancées sont confrontées aux mêmes problèmes.

Tous ces pays doivent tirer des conclusions sans équivoque de la crise actuelle. Les pays de la zone euro doivent accepter la réalité économique et adopter des règles budgétaires plus strictes au lieu de continuer à nier le fait que l’union monétaire limite la souveraineté fiscale nationale.

Lors de l’émergence de la crise financière, l’euro a protégé des pays qui dans d’autres circonstances auraient été plongés dans une profonde crise monétaire. Ce bouclier pourrait avoir en fait trop bien fonctionné parce que les pays les moins performants n’ont pas eu à subir de sanctions de la part des marchés financiers.

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