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2013/4 (No 151)

  • Pages : 216
  • ISBN : 9782707177605
  • DOI : 10.3917/her.151.0012
  • Publisher : La Découverte

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The financial crisis that erupted in 2008 was coupled in Europe with a monetary crisis. European governments today not only need to return to economic growth and employment, but must also “save the euro.” To understand these difficulties, this paper examines the conditions governing the euro’s creation and the currency’s relationship to political sovereignty. It seems that the euro does not fulfill all the functions usually associated with a currency; its exclusive focus on price stability, the very strong independence of the European Central Bank and its inability to serve as a lender of last resort make the euro a currency “with limited sovereignty.” The economic crisis has revealed the limits to this conception of the euro, which creates growing risk for the eurozone of a separation between its “center” and “periphery.” To prevent this rupture, the euro must become a fully sovereign currency in a more united eurozone.


  1. Money Is Not Just for Trade
  2. The Euro, a Currency with Limited Sovereignty
  3. The Example of the American Federal Reserve
  4. The Creation of the Euro: A Unique Case
  5. The ECB’s Total Independence
  6. Monetary Union: A Political Project Imposed against the Advice of Many Economists
  7. Currency, Territory, Nation
  8. Europe: A High-Risk Currency Area
  9. The “Great Divergence” of European Economies, or the Gradual Emergence of a “Center” and a “Periphery”
  10. One Crisis May Hide Another: Financial Crisis, (Non-) Sovereign Debt Crisis
  11. Conclusion

To cite this article

Christophe Strassel, “ La crise de l'euro : une crise de la souveraineté européenne ”, Hérodote 4/2013 (n° 151) , p. 12-38
URL : www.cairn.info/revue-herodote-2013-4-page-12.htm.
DOI : 10.3917/her.151.0012.

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