La théorie des zones monétaires optimales à l’épreuve des crises européennes récentes
OCA theory after the recent European economic crisis

Author(s): Bernard Landais
Subject(s): Supranational / Global Economy, Economic development, EU-Accession / EU-DEvelopment
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: OCA;economic crisis;eurozone;
Summary/Abstract: This paper emphasize the 2008 economic crisis in Europe and try to jauge the convenience of the Optimal Currency Area Theory (OCA). First, among the the causes of this crisis one does not see the famous « assymetric chocks » but only the increasing path of desequilibria before the clash, worsened by the Monetary Union itself. Second, on the ajustment side, after the recession, there were some of the adjustment patterns described by the Theory. Nevertheless, they have not conducted the european economies to optimal situations both from the point of view of members (adhesion optimality) and of the entire group (admission optimality). We think that this two kinds of optimality must be validated in case of independant nations joining themselves in a Monetary Union. Morever, the national characteristics and the specificities of the external relationships of each country might be considered before building a monetary zone. The OCA Theory is very strongly challenged by the european crisis.

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