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EICHENGREEEN (1998, « The Stability Pact : more than a minor nuisance ? ») avait prédit que le SME transformé en traité de Maastricht allait engendrer un accroissement du risque de dette souveraine. Il voit dans Maastricht puis dans le Pacte de Stabilité et de Croissance, un manque de prise au sérieux de la coordination des politiques économiques

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