Intégration à géométrie variable et organisation de la politique économique en Europe

Variable Geometry Integration and the Political Economy of Europe, by Jean Pisani-Ferry The perspective of a differentiated monetary integration and of imminent enlargements means that the issue of variable geometry in Europe must he seriously considered. It raises several questions for the organization of monetary and economie policy: relations between the "ins" and the "outs" and nature of the budgetary coordination within the "Euro" core. Because the European Central Bank will naturally be the institution in the best position to deal with any variable geometry whïle the Council might become entangled in it, differentiated integration will probably change the balance of the économie policy pole intended by the signatory countries of the Maastricht Treaty. The emergence of an economie counterweight to the monetary policy embodied by the ECB will become more problematic.