  We use the non-perturbative Contractor-Renormalization method (CORE) in order
to derive an effective model for triplet excitations on the Shastry-Sutherland
lattice. For strong enough magnetic fields, various magnetization plateaux are
observed, e.g. at 1/8, 1/4, 1/3 of the saturation, as found experimentally in a
related compound. Moreover, other stable plateaux are found at 1/9, 1/6 or 2/9.
We give a critical review of previous works and try to resolve some apparent
inconsistencies between various theoretical approaches.
