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RESEARCH PRODUCT

Les mouvements de capitaux en union économique et monétaire : approches historiques et théoriques

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The liberalization of international capital flows seems linked to the increase and worsening of financial crisis. Since the financial crisis in 2007-2008, the ideological dimension of “happy globalization” has brought to light and given new strength to dissentient voices that could not be heard before. This thesis tries to evaluate the importance of capital flows on the stability of à financial system. Its purpose is to compare different financial systems and levels of financial liberalization, using the Economic and Monetary Union as an example because it combined full liberalization of the capital market within the zone a well as in relations with the outside. We have considered the need or desirability of regulating the global capital market in order to limit economic and financial instability. The Monetary Union remains the most affected region by the crisis, where growth stagnates and political crises follow one another, because its structural flaws have been revealed: growing economic divergences accentuated by the single currency, the lack of institutions management of banking, financial and economic crises, the lack of a unifying culture.In this economic space, the capital flows freely, the separation between the monetary space and the fiscal space is very clear, the budgetary transfers and the sharing of the debt are impossible, as well as the prohibition of the monetary financing. The purpose of this work is to show that all this prevents the coordination of economic and financial cycles, and leaves some doubt about the possibility of survival of the area.