Tim Brinton

La zone euro en voie d'éclatement ?

CAMBRIDGE – Quand un plan de secours conjoint des pays de la zone euro et du FMI a sauvé la Grèce de la faillite en mai dernier, il était évident que l'opération n'apporterait qu'un répit momentané. Maintenant un domino supplémentaire est tombé. Avec les difficultés de l'Irlande qui menacent de faire tache d'huile en direction du Portugal, de l'Espagne et même de l'Italie, le moment est venu de se poser la question de la viabilité de l'union monétaire européenne.

Ces mots ne me viennent pas facilement, car je ne suis pas un eurosceptique. Contrairement à d'autres, tel mon collègue de Harvard Martin Feldstein qui ne considère pas l'Europe comme une zone monétaire naturelle, je croyais que la zone euro s'insérait parfaitement dans un projet européen de grande ampleur qui avait l'ambition – et l'a encore – de construire des institutions politiques parallèlement à l'intégration économique.

L'Europe a eu la malchance d'être frappée par la pire crise financière depuis les années 1930 alors qu'elle n'est qu'à mi-chemin de son processus d'intégration. L'intégration de la zone euro est allée trop loin pour éviter que le commerce transfrontalier ne sème le désordre dans les économies nationales et pas assez loin pour avoir la capacité institutionnelle de gérer les crises.

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