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RESEARCH PRODUCT

L'euro à la lumière des théories monétaires holistes contemporaines

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The thesis begins by explaining, in a first part, the genealogy of a heterodox tradition called “holist monetary approach”, which refuses dichotomic theories and the classical conception of the veil of money. It shows the proximities of these positions with a tradition consisting in thinking money as a “total social fact” involving far more than the three usual economic functions attributed to money. Recent research works conducted in France around Aglietta and Orléan fit in with this tradition. The thesis also leans on theories developed in Keynes' wake, sharing with the “social fact” approaches a holist methodology. The latter involves a main focus on macroeconomic analysis, which is, in our opinion, the only efficient way to consider money as the first theoretical basis for economics. The thesis shows then, in a second part, that the themes enlightened on the one hand by post-Keynesian macroeconomics (radical uncertainty, endogenous money, etc.) and on the other hand by new institutionalist monetary theories (legitimacy, trust, sovereignty, money as a social link, etc.) enable, when considered together, a better understanding of the euro and of the European Central Bank's monetary policy. Thus, two questions, both equally important but generally not resolved globally by the economists may find an answer: the question of the integration of money into the economic analysis, and the question of how money is then accepted by the economic agents.