L'Europe à géométrie variable : une analyse économique

An Economie Analysis of a Europe of Variable Geometry, by Jean Pisani-Ferry A Europe of variable geometry is already a legal, political and monetary reality, while it is admitted that Monetary Union will only cover a subset of European countries initially. The perspective of Union membership by the CEECs will also require differentiated integration. But, integration à la carte is not feasible. A number of different levels of integration could constante a Europe of variable geometry, namely : a customs union, a single market and a monetary union. It may thus be concluded that the varions policies brought together by history may not necessarily be logically associated. Yet, the dynamics of variable geometry raise very complex problems. The possibilities for opting-out of a particular level of integration would necessarily become a constituent principle of integration, while the opting-in should entail conditionality, given the problems it may cause. The solution to such problems lies in fixing objective entry criteria. Overall, variable geometry may be conducive to integration. In the case of monetary union, the structural disparities between the 15 Member States of the Union justify a differentiated approach. It is likely that the constitution of a hard core would lead many other countries to be drawn into this core.