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Xerfi J. Pisani-Ferry – Le tissu français d’entreprises face aux enjeux de l’euro

Xerfi Canal présente l’intervention de Jean Pisani-Ferry au Forum Expert 3 : Le tissu français d’entreprises face aux enjeux de l’euro. Au moment de l’entrée en vigueur de l’euro, l’Allemagne est économiquement sous-compétitive avec un déficit de 25 milliards d’euros quand la France affiche alors le plus important excédent courant de son histoire. Notre voisin […]

By: Date: October 17, 2011 Topic: Macroeconomic policy

Xerfi Canal présente l’intervention de Jean Pisani-Ferry au Forum Expert 3 : Le tissu français d’entreprises face aux enjeux de l’euro.

Au moment de l’entrée en vigueur de l’euro, l’Allemagne est économiquement sous-compétitive avec un déficit de 25 milliards d’euros quand la France affiche alors le plus important excédent courant de son histoire. Notre voisin d’outre-Rhin payait en fait le coût de sa réunification. Dès 2000, l’Allemagne est parti à la reconquête en réinventant son tissu productif. Quelques chiffres pour illustrer notre propos. Entre 1998 et 2008, les exportations françaises sont passées de 26% à 27% du PIB et ses importations de 24% à 29%. Les exportations allemandes, qui représentaient 29% du PIB en 1998, ont bondi pour atteindre 47% en 2008. Même mouvement pour ses exportations passées de 27% à 41% sur la même période. La reconstruction du tissu productif de l’Allemagne s’est accompagnée de délocalisations des segments à plus faible valeur ajoutée en Europe centrale. Paradoxalement, la France souffre de ne pas avoir suffisamment délocalisé. Aujourd’hui, il y a un consensus général autour du problème d’offre de la France. Que faire alors ? A mon sens, le problème des dépenses publiques n’est pas central. La question fondamentale est bien de savoir sur quelle base repose la compétitivité de la France. Cela revient à choisir entre le déclin des grandes entreprises et le renforcement de notre tissu de PME.

Jean Pisani-Ferry est directeur de Bruegel (Bruxelles), centre de recherche et de débat sur les politiques économiques en Europe, et professeur associé à l’Université de Paris-Dauphine. Il a été précédemment directeur du CEPII (1992-1997), conseiller auprès du ministre de l’Economie, des Finances et de l’Industrie, et président délégué (2001-2002) du Conseil d’Analyse Economique. Il est également chroniqueur pour Le Monde, Handelsblatt et le magazine chinois Caixin.


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