L'Eurosystème : un mécanisme de transferts en faveur des pays déficitaires ? (notice n° 838746)
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| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Grjebine, André |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | L'Eurosystème : un mécanisme de transferts en faveur des pays déficitaires ? |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2012.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 69 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | À l’initiative de plusieurs économistes, en premier lieu du Professeur Hans-Werner Sinn, président de l’Institut für Wirtschaftsforschung (Ifo) de Munich, un vif débat s’est engagé sur la signification véritable et les risques inhérents au système de compensation qui fonctionne au sein de la zone euro, TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer). Trois critiques sont principalement émises. La première affirme que le système TARGET2 est, en fait, l’instrument privilégié et inavoué utilisé par l’Eurosystème pour renflouer des États européens en difficulté au détriment d’autres États de la zone euro, en premier lieu de l’Allemagne. La deuxième critique consiste à dire que les crédits accordés dans le cadre de TARGET2 à un pays déficitaire le sont au détriment des autres pays de la zone euro. De ce fait, les pays déficitaires occupent une place prépondérante dans la création monétaire de la zone euro. La troisième annonce que les difficultés des débiteurs vont se transmettre aux créanciers de TARGET2 et mettre ceux-ci, à leur tour, en difficulté. De nombreux auteurs ont contesté ces critiques. Ils montrent les risques de blocage de la zone euro qu’induirait une limitation drastique du système de compensation qu’assure TARGET2. Ceci dit, si ce système a sans doute puissamment contribué à ce que la zone euro surmonte temporairement les déséquilibres commerciaux et financiers qui risquaient d’entraîner son explosion, ce n’est qu’en s’attaquant aux déséquilibres structurels entre les pays membres que la pérennité de celle-ci pourra être assurée. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | TARGET2: A system in favor of countries of deficitA number of economists, following Professor Hans-Werner SINN, President of the Munich Institut für Wirtschaftsforschung (Ifo), have opened a debate on the true significance and the risks entailed by the system of compensation operating within the Eurozone, TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer). They criticize it under three major counts. Firstly, they contend that the Eurosystem tends to utilize Target2 as a means to provide unavowed assistance to some European States in trouble against the interests of other States - chiefly Germany. The next point is in their opinion, that a credit granted through TARGET2 to a deficit country necessarily goes against the interests of the other Eurozone countries, thereby putting deficit countries in a prominent position in terms of money creation within the Eurozone. And lastly, they warn that the debtors’ problems will sooner or later contaminate the creditors of TARGET2 and in turn, send them into trouble.Several authors have challenged these criticisms, stressing that a drastic limitation of the system of compensation provided by TARGET2 could definitely jam the whole system. Although there is no discussion that TARGET2 has thoroughly contributed to allow the Eurozone to surmount the financial and commercial imbalances that threatened to destroy it, yet, its very survival depends on the capacity of the member countries to deal with the structural imbalances between them. JEL classification: F34, F31, F32, F33, E5, E52, E58, G1, G18, G28 |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | création monétaire |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | zone euro |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Banque centrale européenne (BCE) |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Banque centrale nationale (BCN) |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | TARGET2 |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | politique monétaire |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | taux d’intérêt |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | European Central Bank (ECB) |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Eurozone |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | current account |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | National Central Bank (NCB) |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | TARGET2 |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | interest rate |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | current account deficit |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | monetary policy |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | money creation |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue de l'OFCE | 126 | 7 | 2012-12-01 | p. 269-298 | 1265-9576 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-de-l-ofce-2012-7-page-269?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-de-l-ofce-2012-7-page-269?lang=fr&redirect-ssocas=7080</a> |
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