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Formellement les États ne sont plus libres de leur politique monétaire et leur marge de manœuvre budgétaire est limitée au point où en cas de crise il leur serait difficile de faire une politique de relance. D'autant plus que l'Europe n'a pas de budget suffisant pour mener des politiques - pour Jean Paul Fitoussi « mieux vaut copiloter un navire libre de son chemin qu'être seul à la barre d'un navire téléguidé par d'autres » (1995, Le débat interdit : monnaie, Europe et pauvreté)
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