Piégé dans l’euroland

TOKYO – La zone euro est souvent appelée « Euroland » par les Américains (et par certains Asiatiques). Cette appellation fait écho à « Disneyland », lieu de fantaisie, et lui confère une connotation bien plus moqueuse que ne le ferait un simple surnom.

Depuis les tous premiers pas de l’euro, les sceptiques (majoritairement Américains) et les convaincus (majoritairement Européens) ont polémiqué avec acharnement à propos des conditions préliminaires économiques pour la monnaie unique, des bénéfices qu’elle pourrait apporter à ses membres et de sa faisabilité politique. Les économistes Asiatiques en faveur de l’intégration régionale en Asie ont suivi ces débats avec un certain étonnement, dans la mesure où la ligne de fracture n’est pas sur le plan de la philosophie économique comme par exemple celle qui oppose les Keynésiens et les néoclassiques ou encore les libéraux et les conservateurs, mais plutôt sur le plan d’une division géographique ou transatlantique

Les économistes américains, Martin Feldstein en tête, prétendent que les économies de la zone euro sont trop différentes, avec trop de contrastes institutionnels et de rigidités dans le marché du travail, pour former une zone optimale pour la monnaie unique. De plus, une politique monétaire commune associée à une politique budgétaire indépendante est vouée l’échec : la première contribue à augmenter le chômage dans les économies les plus faibles car le taux d’intérêt reflète les indicateurs moyens de la zone euro (avec un poids supérieur sur l’Allemagne et la France), mais maintient les coûts d’emprunt suffisamment bas pour permettre aux gouvernements des économies les plus faibles de financer une politique budgétaire dépensière.

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