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This paper argues that although the crisis may have emerged in the financial sector, its roots are much deeper and lie in a structural change in income distribution that has been going on for the past three decades. The widespread increase of inequality depressed aggregate demand and prompted...

[eng] Contractionary budgetary policy is not the traditional government response to rising unemployment but it seems now to have become a common one for OECD governments irrespective of their political complexion. This changed attitude seems traceable to the almost universal growth in government...

[eng] The relative success of anti-inflationary policies and the excessive attention to short-term tend to conceal the trend evolutions of developed economies. Political consensus in favour of restoring the so-called « major (financial ?) equilibria » suppresses any discussion of the causes of...

[eng] The Stakes of European Integration By eliminating exchange rate uncertainty and achieving a unified European market, the single currency is an important step in the transition from the nation states of the nineteenth century to continental states. But along the steep path which leads to...

[fre] La reconstruction des pays de l'Est exigera des investissements très probablement considérables. Cette note tente de répondre à la question de l'adéquation de l'épargne mondiale à ces besoins nouveaux. Une hausse des taux d'intérêts réels est à craindre pendant le processus «...

[fre] La célébration du cinquantième anniversaire de la création du système de Bretton Woods invite à replacer les évolutions récentes du Système Monétaire Européen dans une perspective historique. Dans le passé, les arrangements monétaires internationaux ont été de trois types. A...