2019
Cairn
Patrick Artus, « What are the Euro Zone’s Main Difficulties? », Revue de l'OFCE, ID : 10670/1.vzwkrs
We look at the euro zone’s major structural difficulties and the ways to correct them. They are: the growing heterogeneity of the member countries’ economies, due in particular to diverging productive specialisations and the fact that this heterogeneity is not corrected by federalism; the end of capital mobility between OECD countries; the lack of coordination of the economic policies that generate externalities between the euro-zone countries; the asymmetrical nature of adjustment mechanisms (fiscal policies, cost competitiveness), which are only implemented by the troubled countries; and the difficulty in managing fiscal policy and public debt.