Abstract
Autore:
D’Amico Domenico
Titolo:
"Verso quale unione economica e monetaria?"
A wide-ranging overhaul of the macroeconomic and fiscal
surveillance framework in the EMU and the EU is one of the
most durable legacy of the economic and financial crisis
that has been hitting Europe since the second half of 2008.
The establishment of a banking union covering at least the
Eurozone member States is expected to complete the
institutional response to the deficiencies in the original
design of the EMU made apparent by the crisis. In spite of
such sweeping changes, economists seem generally to be
dissatisfied with the choices made by European authorities,
in part because of their eventual insufficiency, in part
because of their alleged inappropriateness. Actually, doubts
about the reforms are rooted in an often profound
disagreement on the diagnosis to be given of the European
crisis itself, which – albeit of financial nature at the
onset – has in its developments interweaved with some member
States’ fiscal difficulties or macroeconomic imbalances
(sometimes long-term ones). Our aim in the paper is thus,
firstly, to review the debate among economists on the causes
of the partly financial, partly sovereign debt turmoil in
recent years and on its relationships with potential flaws
in the design of the Eurozone. Secondly, we intend to
discuss a few proposals for reform that deviate, sometimes
even markedly, from the avenues at present being preferred
in European policy circles. We will conclude that the path
towards a deep and genuine Economic and Monetary Union can
be traced differently than currently suggested.
