Abstract EN:

This dissertation dwells on the future of the European policy-mix in the context of the CEECs' joining the EMU. The notion of economic governance makes reference to a system which guides the definition and the implementation of economic policies. Through a historical perspective, we show that the policy-mix is dynamic and that it constantly changes according to two main axes - empirical and theoretical. As the EMU is about to extend, we need to address the question of the way in which this two axes will develop. At an empirical level, while the heterogeneity of the Eurozone will highly increase, it is likely to see structural homogeneities appear between countries. In order to deal efficiently with the new situation, the economic governance could be improved by setting up "variable geometry" mechanisms of fiscal coordination. At a theoretical level, the efficiency of the macroeconomic stabilisation depends on the nature of the economic shocks and the fiscal spillovers as well as on the type and the extent of the structural heterogeneities between the Euroland members.