Le monétarisme de marché

Four more Frenchmen join up with l'armée de Sumner, ils sont Agnès Benassy-Quéré, Pierre-Olivier Gourinchas, Philippe Martin, Guillaume Plantin, déclarent;

...we argue that monetary policy in the Eurozone is excessively tight .... For instance:

• Eurozone inflation is dangerously [low]... just 0.7%.

Although inflation expectations are “well-anchored, below but close to 2%”, every month that passes with an inflation rate close to 1% or even below raises the risk that more EZ members will slip into deflation. It also makes the adjustment of relative prices and the benefits from structural reforms correspondingly more difficult to achieve in peripheral countries already heavily burdened by high debt levels.

• The unemployment rate of the Eurozone is above 12%;

• Credit markets continue their downward trend; and

• The transmission of monetary policy to different member countries remains extremely fragmented.

We believe that a further monetary expansion is a necessity, given the ECB's mandate and the tools currently at its disposal. 

Moreover, who can argue with;

Finally, our analysis shows that, although the temptation is great to try to influence the euro through speeches and public statements, such statements have no impact on the value of the common currency. 

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