Abstract This study has sought to assess the evolution of the French state’s monetary power in comparison with Germany and the United States since the introduction of the euro. From a macroeconomic aspect, monetary power acts through the balance of payments. A set of characteristics improve (or reduce) the power to delay and deflect the adjustment of the balance of payments: financial variables, sensitivity and vulnerability of an economy, and international role of a country’s currency. From that perspective, we analyzed the impact of a monetary union in the case of France and came to three conclusions. First, the international role of the euro increased the French state’s power to delay, but also the power to deflect, relative to the United States. Second, the German government decided the rules of the game inside the monetary union based on the ordoliberal philosophy. Third, the economic structure of the German economy provided an advantage in comparison with France, which led to a change of France’s status. As a result, the French state has lost its capacity to implement its own macroeconomic policies, become monetary dependent relative to Germany and, consequently, has lost its monetary power.

中文翻译：

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权力和货币：欧元是否提高了法国的货币实力？

摘要 本研究旨在评估自欧元引入以来法国国家货币实力相对于德国和美国的演变。从宏观经济方面来看，货币力量通过国际收支发挥作用。一系列特征提高（或降低）延迟和转移国际收支调整的能力：金融变量、经济的敏感性和脆弱性，以及一国货币的国际作用。从这个角度来看，我们分析了货币联盟对法国的影响，并得出了三个结论。首先，欧元的国际作用增加了法国政府相对于美国的拖延权，但也增加了偏转权。第二，德国政府根据秩序自由主义哲学决定了货币联盟内部的游戏规则。第三，德国经济的经济结构与法国相比具有优势，导致法国地位发生变化。结果，法国政府失去了执行自己宏观经济政策的能力，相对于德国而言变得依赖货币，从而失去了货币权力。