Bulletin n. 3/2011
February 2012
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • n. n.
    Zone euro: déni de réalité. Perspectives 2011-2012 pour l’économie européenne
    in Revue de l'OFCE , 2011/4 (n°119) ,  2011 ,  81-127
    After a good start during the first quarter of 2011, GDP growth in the second quarter has been curbed down by the rise of inflation and the implementation of restrictive fiscal policies. The rate of growth only reached 0.2% and would not speed up in the following quarters. The negative impact of fiscal consolidation would indeed be amplified by the weakness of leeway of Greece monetary policy and by the synchronisation of the austerity measures that have been scheduled by all EMU countries in 2011 and 2012. The GDP would only grow by 0.9% in 2012 after 1.7% in 2011. Besides, the balance of risks are on the downside as a default of Greece would fuel contagion to other fragile countries which would lead to further restrictions and would put the banking system under a heavy pressure.
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