The study of interest pass through has been on the core attention of researchers since it serves as an incentive to evaluate the accuracy of monetary policy transmission mechanism. Therefore there are a lot of studies conducted under this topic encompassing a large number of countries and data. My aim, inspired by the great previous works, is to develop the same topic but by focusing on Balkan countries and more specifically on Albania. Being a developing country located on the heart of Balkan while aspiring the EU integration, Albania has gone under a considerable number of economic reforms which are also reflected on the degree and speed of transmission of policy rates to landing rates and on the determinants of such rates. Crisis of 2008 had a global impact but yet several conducted studies revealed that Albania was not directly affected by it. My contribution to this thesis consists in measuring how the pass-through mechanism performance was affected by the crisis and the implications derived from it. Powered by TCPDF (www.tcpdf.org)

Afin de répondre au questionnement général de cette thèse qui traite de la viabilité de l'union monétaire européenne, ce travail est divisé en trois parties. Dans la première, nous analysons notre objet d'étude à un niveau méta. Nous montrons ainsi que l'architecture institutionnelle de la zone euro est axée sur la stabilité monétaire sans proposer formellement des mécanismes d'ajustement aux chocs. La deuxième partie s'intéresse à la question de la synchronisation des économies européennes par l'intermédiaire de deux essais. Nous montrons que d'importantes hétérogénéités demeurent. La troisième partie analyse des questions relatives à la transmission de la politique monétaire. Cela se réalise avec deux essais qui montrent d'une part que la transmission de la politique monétaire dans la zone euro a été fortement perturbée par la crise des subprimes et, d'autre part, que l'influence de la BCE sur les actions des marchés européens est faible. Cette thèse insiste par conséquent sur le caractère incomplet du processus d'intégration économique et monétaire européen et sur sa nécessaire réforme. / The main objective of this thesis is to investigate the problematic of the viability of the European monetary union. This work is divided in three parts. In the first one, we analyse our object of research in order to precise several research axes to study in priority. We show that the European monetary union in mainly focused on the monetary stability without any formal adjustments mechanisms. The second part is focused on the question of the European members' economies synchronisation. We show that large heterogeneities remain. Two essays on the monetary policy pass-through compose the third part. We demonstrate that the interest rate pass-through was affected by the subprimes crisis and that the ECB's influence over the European stock markets is weak. This thesis insists on the fact that the European monetary and economic process of integration is incomplete and should be reinforced.