URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/documents-de-travail-du-ces/Documents de travail du Centre d'Economie de la Sorbonne 2012.69R - ISSN : 1955-611X - Version originale 0ctobre 2012, révisée en Décembre 2012The European sovereign debt crisis revived the discussion concerning pros and cons of exchange rate adjustment in the face of asymmetric shocks. In the spirit of keynes, exit from the euro area is to regain rapidly international competitiveness. In the spirit of Schumpeter, exhange rate stability with structural reforms would be beneficial towards the long-run growth performance. Previous literature has estimated the average growth of countries with different degrees of exchange rate flexibility. ...