Journal articles: 'Unione economica e monetaria'

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Costabile, Lilia. "Istitutions for Social Well-Being: alcune risposte." QA Rivista dell'Associazione Rossi-Doria, no. 3 (August 2009): 103–11. http://dx.doi.org/10.3280/qu2009-003005.

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- Answering the round table participants, the author illustrates the project of this book and its main findings. While the book implies a focus on social policy, the contributors have brought to it their expertise not only in welfare economics but also in macroeconomic and monetary policy. This article outlines how social policy relates to these economic issues, and adopts an international political economy approach both in explaining hierarchies among countries, and in calling into question the "efficiency/equality trade off" as a useful instrument in comparing the economic performance of Europe and the US. Finally, the article discusses the issue of a possible convergence between the social models of Europe towards those of the best performing countries.EconLit Classification: D600, E120, F300, F400, F500Keywords: Welfare Economic, Growth, Globalization, Open Economy Macroeconomics, European Monetary UnionParole chiave: Welfare state, Crescita, Globalizzazione, Macroeconomia delle economie aperte, Unione monetaria europea

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Fourçans, André. "European Monetary Union: Theory and Practice (*)." Journal of Public Finance and Public Choice 9, no. 1 (April 1, 1991): 3–20. http://dx.doi.org/10.1332/251569298x15668907345162.

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Abstract Il tema dell’Unione Monetaria Europea viene analizzato in tutti i suoi risvolti, teorici e pratici.Dal punto di vista teorico, vengono passati in rassegna i vantaggi e gli svantaggi della creazione di una moneta unica, così come gli argomenti favorevoli e contrari alle tesi alternative, quali i tassi di cambio fissi con monete nazionali, i tassi di cambio flessibili e la competizione tra monete private, secondo il modello di Hayek.La seconda parte è dedicata ad un breve esame dell’esperienza dello SME e dei piani proposti per il conseguimento dell’EMU, con le loro implicazioni e possibili conseguenze a livello di politica monetaria, fiscale, di crescita economica e di sviluppo regionale.La conclusione che si trae è che l’EMU, tramite la creazione di una moneta unica e di una banca centrale con poteri ed obiettivi simili a quelli della Bundesbank, effettivamente favorirebbe la crescita economica degli Stati partecipanti. A questo scopo, però, è necessaria la formulazione di una costituzione monetaria che chiarisca le regole e i poteri delle istituzioni realizzate e degli Stati membri.È inoltre indispensabile un certo grado di coordinamento finanziario, prima e dopo la creazione dell’EMU, nonché politiche fiscali volte a limitare dislivelli troppo marcati nella crescita delle varie regioni.

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Fadda, Sebastiano. "Unione Europea. Una governance economica da cambiare." ARGOMENTI, no. 41 (October 2014): 5–21. http://dx.doi.org/10.3280/arg2014-041001.

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Cerfeda, Walter. "La di-unione europea e il patto euro plus." SOCIOLOGIA DEL DIRITTO, no. 3 (February 2012): 85–91. http://dx.doi.org/10.3280/sd2011-003005.

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L'Europa sta attraversando il periodo piů difficile della sua storia e gli sbocchi sono del tutto incerti ed imprevedibili. La combinazione inedita tra stagnazione economica e speculazione finanziaria puň determinare un lungo periodo di recessione economica e la messa in discussione della stessa moneta dell'euro. Per questo vi č una sostanziale moratoria dei diritti sociali. Il modello sociale europeo č stato sempre interconnesso al modello economico e la crisi attuale ingenera quella sociale. Una politica di solo rigore non basta. La crisi non č nell'euro ma dell'euro. Serve un equilibrio urgente tra rigore e crescita. Quindi non un'Europa delle nazioni ma un'accelerazione dell'integrazione economica e un vero ruolo di Banca centrale della BCE. La scorciatoia di rovesciare tutto il deficit di competitivitŕ sul lavoro in realtŕ sta conducendo l'UE in un vicolo cieco.

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Guazzarotti, Andrea. "La politica monetaria: il modello ibrido dell'UEM." DIRITTO COSTITUZIONALE, no. 1 (March 2021): 47–71. http://dx.doi.org/10.3280/dc2021-001003.

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L'articolo affronta, in una prospettiva di diritto costituzionale, il tema delle nuove forme di intervento diretto dello Stato nell'economia con finalità di politica industriale. In una prima parte, si ritorna agli albori del processo di privatizzazione delle partecipazioni societarie dello Stato. Una seconda parte è dedicata all'analisi di un fondamentale strumento di intervento proiettivo dello Stato nell'attività economica pubblica, qual è la Cas-sa depositi e prestiti S.p.A. Una terza parte, infine, tratta uno strumento cruciale di intervento protettivo dello Stato nei confronti dell'attività economica pubblica e privata, dato dai poteri speciali, che tendono anche ad assumere, oggi, una spiccata finalità di politica industriale

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Bieler, Andreas. "Swedish Trade Unions and Economic and Monetary Union." Cooperation and Conflict 38, no. 4 (December 2003): 385–407. http://dx.doi.org/10.1177/0010836703384003.

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Whyman, Philip. "British Trade Unions and Economic and Monetary Union." Industrial Relations: A Journal of Economy and Society 41, no. 3 (July 2002): 467–76. http://dx.doi.org/10.1111/1468-232x.00257.

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Lishchynskyy, Ihor Orestovych, and Mariia Volodymyrivna Lyzun. "SOCIAL EFFICIENCY OF EUROPEAN ECONOMIC AND MONETARY UNION." SCIENTIFIC BULLETIN OF POLISSIA 1, no. 1(13) (2018): 184–88. http://dx.doi.org/10.25140/2410-9576-2018-1-1(13)-184-188.

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Celi, Giuseppe, Andrea Ginzburg, Dario Guarascio, and Annamaria Simonazzi. "Una Unione divisiva. Una prospettiva centro-periferia della crisi europea." Il Politico 252, no. 2 (January 19, 2021): 195–98. http://dx.doi.org/10.4081/ilpolitico.2020.522.

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La storia dell’integrazione europea resta ancora oggi, a sessantatré anni dalla fondazione della Comunità Economica Europea, uno dei temi fondamentali per comprendere l’Unione e i suoi sviluppi politici. Molti dei conflitti, delle tensioni, dei problemi strutturali e delle inefficienze che si riconducono all’Unione Europea, così come anche molti dei successi e delle fortune, sono realmente comprensibili soltanto con una conoscenza della storia delle istituzioni europee e della progressiva integrazione degli Stati Membri.

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Voskanyan, Mariam, and Ani Galstyan. "Exchange rate regulation in economic unions: The case of Euroasian Economic Union." St Petersburg University Journal of Economic Studies 37, no. 1 (2021): 140–65. http://dx.doi.org/10.21638/spbu05.2021.106.

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This article explores currency regulation in the EAEU countries for the harmonization of currency policies in the context of economic integration. The object of the study is currency regulation in countries of Eurasian integration. The main hypothesis is that EAEU member countries are not ready for currency integration, due to the presence of many macroeconomic distortions in their economies. The authors assess the possibility of creating a monetary union by analyzing and evaluating key criteria for currency integration as known in the scholarly literature. For this goal, the authors conducted a literature review of the key prerequisites for currency integration, including the experience in the countries of the Eurozone. Then the authors analyze currency regulation in EAEU countries for meeting key criteria for currency integration. At this stage, the authors evaluate key factors of currency integration by EAEU member countries. The theoretical and methodological basis of the study was classic and modern approaches in the field of monetary and currency regulation—in particular, the research of modern analysts of the International Monetary Fund, the largest Central Banks of the world, and well-known experts of the field. The research results showed the inexpediency of creating a currency union within the Euroasian economic space at this stage.

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Moss, Bernard H. "Economic and Monetary Union and the Social Divide in France." Contemporary European History 7, no. 2 (July 1998): 227–47. http://dx.doi.org/10.1017/s0960777300004884.

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Monetary policy since the Second World War has always been a politically and socially sensitive issue in France. It reflected the peculiar strength of the French Communist Party (PCF) in the unions and working class. Postwar governments relied upon monetary inflation, devaluation and administered credit to sustain growth and guarantee social peace. With the exception of the period following General de Gaulle's seizure of power in 1958, there was little choice for governments faced with weak, divided and conflicting unions, a volatile work force, and a united left threatening radical change. Where German governments responded to union challenges and the oil shock of 1974 with deflation, the French expanded the money supply. The divergence of French policy from German after 1968 made European economic and monetary union impossible.

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Minford, Patrick. "Monetary Union: A Desperate Gamble." Journal of the Staple Inn Actuarial Society 33, S1 (1998): 63–88. http://dx.doi.org/10.1017/s0020269x00010720.

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Dr Tim Bunch (President, Manchester Actuarial Society): Good afternoon, ladies and gentlemen. Welcome to Manchester Town Hall for this special meeting of the Manchester Actuarial Society, which is being held to commemorate the 150th anniversary of the actuarial profession in the UK.I should like to welcome particularly various guests. There are guests invited by the Manchester Actuarial Society, and also guests of actuarial firms in the north of England. I would particularly like to welcome Paul Thornton, the current President of the Institute.Our speaker today is Professor Patrick Minford, who is Professor of Economics at Cardiff Business School, which is at the University of Wales. He has been in that position since October 1997. Prior to that, he was Professor of Economics at Liverpool University, and he maintains his contacts with the University of Liverpool through being Director of the Liverpool research group in macro-economics. He has held economic positions in a number of places, including HM Treasury, at Manchester University and at the National Institute for Economic and Social Research.

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Konarzewska, Anna. "Outside the European Economic and Monetary Union: Consequences for the United Kingdom." Connections: The Quarterly Journal 07, no. 1 (2008): 120–40. http://dx.doi.org/10.11610/connections.07.1.07.

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NGIAM, KEE JIN, and HAZEL YUEN. "MONETARY COOPERATION IN EAST ASIA: A WAY FORWARD." Singapore Economic Review 46, no. 02 (October 2001): 211–46. http://dx.doi.org/10.1142/s0217590801000346.

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This paper provides a theoretical justification for regional credit facilities such as currency swap arrangements in East Asia to ward off currency attacks and deter would be speculators. It also presents a case for monetary integration in East Asia. However, in view of the diverse economic, social and political background among the East Asian economies, a practical approach is to start off with a few small monetary unions rather than a large monetary union in the region. Lessons are drawn from a highly successful, but little known, monetary union between Brunei and Singapore.

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Einaudi, Luca. "‘The Generous Utopia of Yesterday Can Become the Practical Achievement of Tomorrow’: 1000 Years of Monetary Union in Europe." National Institute Economic Review 172 (April 2000): 90–104. http://dx.doi.org/10.1177/002795010017200109.

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Monetary unions have been a recurring element in European history, driven by the need to overcome obstacles to trade caused by the fragmentation of political authority. Between the 14th and the 19th centuries, a series of coinage unions were set up in the German speaking world, which served as models for the Latin and Scandinavian monetary unions in 1865 and 1872. With the growing size of participating states and the transformation of money, thanks to the end of bimetallism and the wider use of bank notes and deposits, the objectives and the practical management of monetary unions became more complex and more political. Monetary union became strictly associated with European federalism and required new common institutions after the end of the classical metallic standards in 1914.

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Dräger, Lena, and Christian R. Proaño. "CROSS-BORDER BANKING AND MACROPRUDENTIAL POLICIES IN ASYMMETRIC MONETARY UNIONS." Macroeconomic Dynamics 24, no. 2 (July 17, 2018): 255–90. http://dx.doi.org/10.1017/s1365100518000214.

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Against the background of the emergence of macroeconomic imbalances within the European Monetary Union (EMU), we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the Euro area. For this purpose, we incorporate a union-wide banking sector along the lines in an otherwise standard two-region monetary union DSGE model, accounting for borrowing constraints of entrepreneurs and impatient households and an internal constraint on the bank's leverage ratio. We illustrate in particular how rule-of-thumb lending standards based on the macroeconomic performance of the core region within the monetary union can translate into destabilizing spill-over effects into the other region, resulting in an overall higher macroeconomic volatility. Thereby, we demonstrate a channel through which the financial sector may have exacerbated the emergence of macroeconomic imbalances within the EMU. This effect may be mitigated by macroprudential policies, where especially policies that force the bank's lending standards to be less procyclical prove to be effective in stabilizing output in both regions of the monetary union.

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Bertasiute, Akvile, Domenico Massaro, and Matthias Weber. "The behavioral economics of currency unions: Economic integration and monetary policy." Journal of Economic Dynamics and Control 112 (March 2020): 103850. http://dx.doi.org/10.1016/j.jedc.2020.103850.

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Ryan, John, and John Loughlin. "Lessons from historical monetary unions - is the European monetary union making the same mistakes?" International Economics and Economic Policy 15, no. 4 (April 4, 2018): 709–25. http://dx.doi.org/10.1007/s10368-018-0416-8.

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Balassone, Fabrizio, and Riccardo Crescenzi. "Economia e politica delle infrastrutture in Italia." QA Rivista dell'Associazione Rossi-Doria, no. 1 (March 2012): 7–18. http://dx.doi.org/10.3280/qu2012-001001.

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Economia e politica delle infrastrutture in Italia Il generalizzato rallentamento delle principali economie avanzate associato ai notevoli vincoli all'utilizzo di interventi di politica monetaria o fiscale ha sollecitato la (ri)valutazione dello sviluppo infrastrutturale come strumento di rilancio della crescita economica. Sia l'analisi critica della letteratura esistente che l'evidenza empirica prodotta nei saggi che compongono questa raccolta mettono in luce alcune criticitŕ legate agli investimenti in nuove infrastrutture in Italia, suggerendo la necessitŕ di ricondurre questi interventi in un mix bilanciato di politiche di sviluppo.

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FLANDREAU, MARC. "The economics and politics of monetary unions: a reassessment of the Latin Monetary Union, 1865–71." Financial History Review 7, no. 1 (April 2000): 25–44. http://dx.doi.org/10.1017/s0968565000000020.

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In 1865, France, Belgium, Italy and Switzerland signed a monetary convention (later known as the Latin Union), which provided for the intercirculation of specie between member states. Conventional analyses of the treaty (such as that by Willis) have portrayed this arrangement as a by-product of French power politics. This article seeks to reinterpret the economic nature of the Latin Union, focusing on the interrelations between trade, finance and money. I argue that the Latin Union did not foster trade integration and that, as a matter of fact, such was not its objective, according to archival evidence. Instead, I suggest that the Latin Union was the result of the growth of France as a major supplier of capital. The need to provide French investors with exchange-rate guarantees led borrowing countries to tie their respective monetary systems to that of France. This, in turn, created opportunities for international monetary action and the French franc became the ‘natural’ focal point of projects of monetary unification. This evolution, however, had structural limits which help to explain the downfall of the projects for expansion of the Latin Union.

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De Grauwe, Paul. "Monetary union and convergence economics." European Economic Review 40, no. 3-5 (April 1996): 1091–101. http://dx.doi.org/10.1016/0014-2921(95)00117-4.

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Foden, David. "Trade union proposals towards EMU." Transfer: European Review of Labour and Research 4, no. 1 (February 1998): 88–112. http://dx.doi.org/10.1177/102425899800400110.

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This article provides an overview of the debate within the trade union movement on Europe's forthcoming economic and monetary union. It reviews the reasoning behind the ETUC's critical support for EMU and outlines the main issues in the trade union debate in ten European countries. It finds that the general political debate at national level has a significant influence on the discussion within the trade unions, and that the sector of the economy within which individual unions organise is also of relevance. Nevertheless, these specific concerns are placed within the framework of policy defined by the ETUC.

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Schmidt, Manfred G. "LE DETERMINANTI POLITICHE DELLA DISOCCUPAZIONE." Italian Political Science Review/Rivista Italiana di Scienza Politica 16, no. 1 (April 1986): 3–43. http://dx.doi.org/10.1017/s0048840200015707.

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IntroduzioneFra gli anni settanta e ottanta, i governi dell'occidente si sono trovati di fronte a una sfida senza precedenti. Il declino della crescita economica, un forte aumento delle aspettative inflazionistiche, bilance dei pagamenti in deficit, pressioni da costi e tendenze deflazionistiche hanno reso difficile la coesistenza fra il bisogno di flessibilità delle economie miste, il mantenimento della stabilità monetaria, la salvaguardia dell'occupazione e alti livelli di welfare. In confronto agli anni sessanta e ai primi anni settanta, la possibilità di compiere scelte pubbliche indolori si è molto ridotta.

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Buchanan, James M. "The Constitutional Moment of the 1990s *." Journal of Public Finance and Public Choice 9, no. 3 (October 1, 1991): 175–85. http://dx.doi.org/10.1332/251569298x15668907345379.

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Abstract In questo scritto vengono delineate le prospettive costituzionali che nel decennio in corso si stanno aprendo sia nell’ambito della Comunità europea che per i paesi dell’ex-Unione Sovietica, in un’ottica di economica costituzionale del federalismo e del secessionismo. In particolare, l’autore sostiene che nell’elaborare una costituzione per l’Europa sia opportuno attribuire ad un potere federale il ruolo di «Stato protettivo », con il compito di garantire la creazione di un grande mercato, e agli stati membri della federazione il ruolo di «Stato produttivo», cui sono quindi assegnate le altre funzioni di natura governativa.Allo scopo poi di impedire che il governo centrale travalichi i limiti previsti dalla costituzione, viene auspicata la previsione costituzionale di un diritto di secessione che consenta agli stati membri di recedere dal contratto originario.

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Milačić, Srećko, Zoran Simonović, and Aleksandar Kostić. "European Monetary Union as a stabilizing factor in the circumstances of economic crisis." Ekonomika 66, no. 4 (2020): 13–28. http://dx.doi.org/10.5937/ekonomika2004013m.

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The authors examine the problems the European Monetary Union in the circumstances of the global economic crisis. They especially elaborated the battle for the financial stability of the European Monetary Union. The authors problematize the interaction of the European Central Bank and national central banks, emphasizing the deficiencies in the coordination of fiscal and monetary policy. They investigated the reasons that require a cautious strategy when it comes to the admission of new member states into the European Monetary Union and in that sense the conditions for nominal and real convergence. The authors consider the management of the economic crisis and the introduction of new institutions with the task to stabilize the situation in the monetary field. They explored the problems of helping countries like Greece from the point of view of the developed countries relationship. The authors especially paid attention to the level of transparency in relation to their citizens when making decisions on certain aid giving issues. They have proposed solutions for getting out of the vicious circle and the need to redesign the European Monetary Union and in this context the problem of the stabilization of the euro in order for it to be competitive with the dollar.

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Meyer, Marco. "Dealing fairly with trade imbalances in monetary unions." Politics, Philosophy & Economics 20, no. 1 (February 2021): 45–66. http://dx.doi.org/10.1177/1470594x21992005.

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Politicians around the globe wrangle about how to deal with trade imbalances. In the Eurozone, members running a trade deficit accuse members running a surplus of forcing them into deficit. Yet political philosophers have largely overlooked issues of justice related to trade imbalances. I address three such issues. First, what, if anything, is wrong with trade imbalances? I argue that in monetary unions, trade imbalances can lead to domination between member states. Second, who should bear the burden of rebalancing trade? I argue that surplus and deficit countries should share that burden. The current situation placing the burden squarely on deficit countries is unjust. Third, which institutional arrangements should monetary unions adopt to regulate trade balances? Monetary unions can either reduce trade imbalances within the monetary union, neutralise the impact of trade imbalances on the economic sovereignty of member states, or delegate economic policy affecting trade balances to a legitimate supranational institution. The Eurozone must adopt one of these options to prevent member states from domination. Which option protects members best against domination depends on what makes interference between members arbitrary, an unresolved question in republican theories of justice.

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de Crescenzo, Armando. "Il Meccanismo Europeo di Stabilità ‘alla prova' del futuro dell'Unione europea. Parlamenti (ancora) assenti nelle condizionalità macroeconomiche?" CITTADINANZA EUROPEA (LA), no. 1 (August 2020): 133–61. http://dx.doi.org/10.3280/ceu2020-001005.

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Il lavoro inquadra la genesi e la governance del Meccanismo Europeo di Stabilità (MES), anche in relazione all'ordinamento costituzionale, più di recente oggetto di un acceso dibattito pubblico sia con riguardo alle sue modifiche, quanto al suo impiego per risolvere la crisi sanitaria che ha investito la zona euro a dieci anni di distanza dalla crisi economica iniziata nel 2008. Nell'ambito delle numerose problematiche giuridiche che pone il MES, ci si concentra sul funzionamento delle condizionalità previste dal Trattato, l'impatto sull'indirizzo politico nazionale e il deficit di democraticità che si registra in questi meccanismi intergovernativi. Bisognerebbe chiedersi se sia realmente questa l'idea di Unione Europea auspicata dai padri fondatori e se siano maturi i tempi per operare una vera (e significativa) svolta, indispensabile per la sopravvivenza stessa del progetto europeo.

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Kappel, Stanislav. "An Evaluation of Selected Economic Areas according to Similarity of Supply and Demand Shocks." Review of Economic Perspectives 15, no. 2 (June 1, 2015): 221–40. http://dx.doi.org/10.1515/revecp-2015-0018.

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Abstract The Euro Area remains a well-known monetary union in the World. But the possibilities of creation of new monetary unions are discussed. It is spoken about NAFTA (Canada, Mexico and the United States) or MERCOSUR (Argentina, Brazil, Paraguay, Uruguay and Venezuela). The aim of this paper is to assess the similarity of demand and supply shocks in the countries of NAFTA and MERCOSUR, and to compare it with the countries of the Euro Area. For these aims, correlation and structural vector autoregression methods are used. Methods are based on Blanchard and Quah (1989) and Bayoumi and Eichengreen (1993). We confirm the existence of core states and periphery states in the Euro Area with some exceptions. If we compare supply and demand shocks, we find more similarity in the case of supply shocks in the countries of the Euro Area. According to the results, the countries of NAFTA are more appropriate for the creation of monetary union than the countries of MERCOSUR. The countries of NAFTA achieve high correlation coefficients of supply and demand shocks (except Mexico for supply shocks).

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Bujisic, Branislava. "Maurice Allais, fighter against unquestioned truths." Zbornik Matice srpske za drustvene nauke, no. 134 (2011): 29–50. http://dx.doi.org/10.2298/zmsdn1134029b.

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The paper presents some less known theoretical views of the recently deceased Nobel laureate, Maurice Allais, which significantly diverge from certain 'unquestioned truths' of mainstream economics. Although a liberal and a cofounder of the Mont Pelerin Society, Allais was opposed to globalization and the simplified doctrine of free trade, and advocated reasonable protectionism. A convinced European and a proponent of European confederation, he was opposed to the Maastricht Treaty for its excessive emphasis on free trade. In his opinion, political union should precede economic integration. Finally, although a liberal and a monetarist, Allais did not believe in the self-regulating power of financial markets. He argued that radical reforms of the international financial and monetary system were necessary, by which the regulating mechanisms would be institutionalized. In 1988, he won the Nobel Prize in Economics 'for his pioneering contributions to the theory of markets and efficient utilization of resources'.

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Bean, Charles R. "Economic and Monetary Union in Europe." Journal of Economic Perspectives 6, no. 4 (November 1, 1992): 31–52. http://dx.doi.org/10.1257/jep.6.4.31.

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The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of “fiscal federalism.”

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Piluso, Giandomenico. "Una scelta per l'Europa, una scelta per lo sviluppo? La Banca d'Italia, il Piano Pandolfi e lo Sme (1977-1979)." ITALIA CONTEMPORANEA, no. 298 (June 2022): 302–33. http://dx.doi.org/10.3280/ic298-oa2.

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Tra il 1977 e il 1979, la creazione del Sistema monetario europeo (Sme) introdusse, per l'Italia, un elemento che sarebbe divenuto centrale nella strategia di aggiustamento agli shock macroeconomici degli anni Settanta, il "vincolo esterno", uno strumento politico di matrice tecnocratica cui si affidava il risanamento della finanza pubblica e il rilancio della competitività dell'economia del paese. Le riforme dell'ambizioso programma concepito da un economista della Banca d'Italia, Tommaso Padoa-Schioppa, nell'estate del 1978 per consentire all'economia italiana di recuperare competitività, noto come "Piano Pandolfi", delinearono i tratti essenziali dell'ingresso della lira nello Sme esattamente quale "vincolo esterno", sulla scorta di indicazioni del direttore generale della Banca d'Italia, Carlo Azeglio Ciampi, nonostante le obiezioni di merito manifestate dal governatore Paolo Baffi. In quei frangenti la Banca d'Italia assunse consapevolmente quel ruolo di supplenza che ne avrebbe caratterizzato l'azione nel decennio seguente, motivando e orientando le scelte politiche del paese a favore di una sempre più stringente integrazione economica e monetaria dell'Europa, in quella direzione che si sarebbe infine precisata con il Trattato di Maastricht. Il vincolo esterno delineato da Padoa-Schioppa con il Piano Pandolfi, coerentemente con l'impianto dello Sme, si spostava ai vincoli di cambio connessi alla finanza pubblica e ai fenomeni di fiscal dominance che ancora caratterizzavano la politica monetaria in Italia, si trasformava cioè in un vincolo di politica fiscale che il cosiddetto divorzio tra Banca d'Italia e Tesoro del luglio 1981 avrebbe formalmente riconosciuto. Il classico vincolo esterno di conti e cambi con l'estero sarebbe rimasto verso il resto del mondo come tale, ossia di natura economica e non "giuridica", per usare la categoria impiegata da Guido Carli nei primi anni Novanta.

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Franck Mondesir, Tsassa Mbouayila. "Effets des politiques conjoncturelles sur la croissance économique en zone franc." Revue Internationale des Économistes de Langue Française 6, no. 2 (2021): 51–76. http://dx.doi.org/10.18559/rielf.2021.2.3.

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This article finds its affiliation in the budgetary theory of the price level. It proposes the simultaneous study of cyclical shocks in the Franc Zone, using a structural PVAR model combining activity, prices, a real short-term interest rate, the primary budget balance and the external debt. The effects and transmission times of budgetary and monetary impulses on GDP appear to be differentiated in the two short-term monetary unions. The cyclical components of the BEAC and BCEAO refinancing rates are positively linked to those of the primary deficits in the Franc Zone. Fiscal policies have a negative effect on GDP growth. However, monetary policies produce positive shocks on the development of economic growth in these two monetary unions. It is therefore necessary that the monetary authorities relax the rules of monetary policy by reducing interest rates, which will also revive activity. And governments then have no incentive to increase their deficit.

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Bergman, U. Michael. "Do Monetary Unions Make Economic Sense? Evidence from the Scandinavian Currency Union, 1873–1913." Scandinavian Journal of Economics 101, no. 3 (September 1999): 363–77. http://dx.doi.org/10.1111/1467-9442.00161.

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34

McKAY, DAVID C. "The Political Sustainability of European Monetary Union." British Journal of Political Science 29, no. 3 (June 1999): 463–85. http://dx.doi.org/10.1017/s0007123499000216.

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This article synthesizes a large body of work in applied economics on the likely effects of European Monetary Union with an established literature in political science on the political sustainability of intervention by central or federal authorities in the economies of diverse nations, states or regions. Three possible economic scenarios resulting from EMU are identified – fiscal centralization, monetary discipline and loose money. The greatly enhanced central role implied by the first two would be difficult to legitimize in the context of the absence of a European citizen identity or party system. Historical precedent suggests that, in democracies, both central redistribution in social spending and retrenchment of established social programmes are facilitated by jurisdiction-wide political parties. The loose money scenario, while viable in most member states, would be unlikely to be acceptable in Germany. The article concludes, therefore, that all three scenarios most often predicted by the economics literature carry with them a risk that they will be difficult to sustain politically.

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WOLF, DIETER, and BERNHARD ZANGL. "The European Economic and Monetary Union:." European Journal of International Relations 2, no. 3 (September 1996): 355–93. http://dx.doi.org/10.1177/1354066196002003003.

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36

Zelenkevich, Marina, and Natallia Bandarenka. "ASSESSMENT OF DIRECTION FOR COORDINATION OF MONETARY REGULATION OF INVESTMENT IN THE INTEGRATION UNIONS." Zeszyty Naukowe Uniwersytetu Przyrodniczo-Humanistycznego w Siedlcach. Seria: Administracja i Zarządzanie, no. 53(126) (January 27, 2021): 27–36. http://dx.doi.org/10.34739/zn.2020.53.03.

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In the context of globalization and regionalization, central banks pursuing monetary policy in the country at the same time become subjects of monetary regulation within the framework of the integrational associations of which they are members. The purpose of the article is to assess the impact of monetary policy on investment and economic growth in integration unions and determine the appropriateness of their coordination. To achieve the goal, a method of correlation-regression analysis is proposed, one which allows for the identifying and assessing of the degree of influence of certain directions of monetary policy of the countries of the integration association on the indicators of investment and economic growth. As a result of the analysis, the expediency of coordination and implementation of a coordinated policy of central banks to stimulate the deposit and credit policy of commercial banks was proved, which positively affects the characteristics of supply and demand in the integrated investment market. The assessment of the directions of the coordination of monetary investments regulation was carried out on the example of an integration association - the Union of Belarus and Russia and can be extended to other integration associations with the participation of Belarus, in particular, to the monetary interaction of countries within the Eurasian Economic Union. The analysis is based on the statistical data of the National Statistical Committee and the National Bank of the Republic Belarus, the EAEU Department of Statistics, as well as statistical information from the Central Bank of Russia and the Union of Russia and Belarus.

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Hudec, Martin. "A Search for an Optimum Currency Area." Studia Commercialia Bratislavensia 11, no. 39 (June 1, 2018): 75–90. http://dx.doi.org/10.2478/stcb-2018-0006.

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Abstract Economic and monetary integration is the result of unifying efforts that have become a major driving force in post-war Europe. Although some of the initial initiatives, the Monetary Union project has many times been on the brink of interest. It can be as the surprise that Europe has managed to implement the common currency so soon and relatively smoothly. Nevertheless, even after its launch, this project has never completely abandoned criticism and discussion of the legitimacy and meaningfulness of its existence. Critical attitudes to the introduction of the common currency in the European Union are based above all on the Optimum Currency Area theories. The theoretical concept of optimal currency areas is currently considered a standard tool for assessing monetary integration efforts in Europe. OCA criteria are used to estimate the readiness of the candidate countries to adopt the euro, while the convergence processes are linked to the decision on the euro adoption timeline. The aim of our research article is, therefore, to closely analyze the issue of monetary policies and optimal currency areas in the context of convergence efforts towards more closely integrated economic and monetary unions.

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Herzog, Bodo. "Judgment of the German Federal Constitutional Court (2 BvR 859/15) on the Public Sector Purchase Programme of the ECB: An Interdisciplinary Analysis." European Public Law 27, Issue 4 (December 1, 2021): 653–72. http://dx.doi.org/10.54648/euro2021032.

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On 5 May 2020, the Federal Constitutional Court of Germany announced in a momentous ruling that the Public Sector Purchase Programme (PSPP) of the European Central Bank (ECB) exceeds European Union (EU) competences. This decision initiated a lively debate in law and economics all over Europe. This article provides a unique interdisciplinary reading of the ruling in order to clarify the line of argument. Considering a cross-disciplinary view enlightens the understanding of the historic judgment. Ultra-Vires, European Court of Justice, German Federal Constitutional Court, Public Sector Purchase Programme, European Central Bank, Monetary vs. Economic Policy, Economic and Monetary Union

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Charnvitayapong, Kovit. "Thrift and Credit Cooperative Lending Channels under Prolonged Low-Interest Rates: The Case of Thailand." 11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 11, no. 1 (December 9, 2020): 1. http://dx.doi.org/10.35609/gcbssproceeding.2020.11(1).

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Since the global financial crisis of 2007–08, the United States, Japan, and the European Union (EU) have heavily stimulated their economies with expansionary monetary policy. World finance has been affected by this policy conduct. Interest rates in most open economies were pushed to very low levels and have remained low ever since. Nevertheless, monetary stimulation has not improved the economic situation to a satisfactory level as of the end of 2019. Several studies such as Claudio Borio and Boris Hofmann (2017) and Nasha Ananchotikul and Dulani Seneviratne (2015) attempted to examine the inefficiency of expansionary monetary policy by looking at bank lending channels. Koot and Walker (1980) studied monetary policy effectiveness through credit union lending channels. They found that at first, credit unions responded well to expansionary monetary policy, but after prolonged easy money policy, the response died down. Keywords: Fixed effects, Lending channel, Prolonged low interest rates, Thrift and credit cooperatives (TCCs), Transmission mechanism.

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Biagi, Marco. "The European Monetary Union and Industrial Relations." International Journal of Comparative Labour Law and Industrial Relations 16, Issue 1 (March 1, 2000): 39–45. http://dx.doi.org/10.54648/260937.

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Despite its very recent introduction, the social and political impact of the European Monetary Union (EMU) can already be felt throughout the entire European Community. Indeed, many academics concur that the intensification of the economic integration brought about by EMU will accelerate the already evident process of structural economic change in the Member States, and undoubtedly strengthen their competitive position thanks to common employment strategies. Furthermore, it has been noted that the single currency has also served to encourage trade unions to communicate more amongst themselves to try to achieve more cross-border co-ordination of strategies and demands in the hope of counteracting any risk of a possible downward spiral rooted in EMU.

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García, Guerra Elena María. "Legislazione monetaria, pratica economica e privilegi sociali nella Castiglia del secolo XVII: una convivenza difficile." CHEIRON, no. 1 (October 2016): 42–63. http://dx.doi.org/10.3280/che2016-001003.

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Vorona, Anastasiуa, Lyudmila Kopteva, and Anna Trushevskaya. "The Eurasian economic union: trends and prospects for development in digital economy." E3S Web of Conferences 210 (2020): 13025. http://dx.doi.org/10.1051/e3sconf/202021013025.

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Currently the Eurasian Economic Union defines its main tasks as the creation of an image of the significant center for the development of international trade, enhancement of mutually beneficial partnership with member states and other countries, the creation of new formats for international cooperation. At the present days the Eurasian Economic Union is filled with real economic content. Multilateral projects are being implemented, primarily in key sectors of the economy, that are energy and transport. In the long run, the formation of a monetary union is possible. Development of currency integration, as a component of economic unity, presupposes the process of implementing a coordinated policy of the EAEU countries, as well as the creation and functioning of the organizations performing interstate currency regulation. In the article the dynamics of the main economic indicators of the Eurasian Economic Union functioning is considered. The data on the trade turnover of the EAEU member countries for 2019 is provided. The main directions of EAEU cooperation with third countries and integration associations are revealed, with particular attention being paid to the creation of free trade zones with Vietnam and Singapore. In the context of the organization and functioning of interstate unions, each of the member states of such unions, while ensuring their own security, also needs to manage both the threats to the security of other partners that have an indirect adverse effect and the threats that directly impact the whole union. The directions of digital transformation of the economies of the Eurasian Economic Union member states are considered. The problematic aspects of its functioning are highlighted.

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Errigo, Antonello, and Umberto Triulzi. "The Unbearable Weight of Italy’s Public Debt: what Fiscal and Budgetary Policy to Stay in Europe?*." Journal of Public Finance and Public Choice 12, no. 2 (October 1, 1994): 133–57. http://dx.doi.org/10.1332/251569298x15668907539932.

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Abstract Obiettivo di questo lavoro è quello di verificare se l’Italia è in grado di arrivare all’appuntamento europeo e, più in particolare, di esaminare se il raggiungimento delle condizioni imposte dal Trattato di Maastricht per l’adesione all’Unione economica e monetaria europea, soprattutto per quanto attiene al rapporto debito/pil, non richieda tempi assai più lunghi di quelli auspicati dalle autorità di governo.A questo fine, vengono valutati gli effetti delle misure previste nel documento di programmazione economica e finanziaria per gli anni 1994-96, sulla base di tre possibili scenari per il periodo 1993-2010.Nel primo scenario, caratterizzato dall’assenza di politiche correttive, il debito pubblico cresce in modo insostenibile ed il fabbisogno totale annuo continua a crescere a ritmi eccessivi.Il secondo scenario è più favorevole: alla fine del periodo considerato, il rapporto debito/ pil si abbasserebbe all’89% e il rapporto deficit/pil potrebbe scendere al 2,3%.Il terzo scenario, che presuppone misure più severe del precedente, è ancora più positivo: rapporto debito/pil al 70% e rapporto deficit/pil all’1,4% (nell’ipotesi di provvedimenti molto restrittivi della spesa) e rapporto debito/pil dell’83 % con un rapporto deficit/ pil del 2% nell’ipotesi di provvedimenti meno severi.

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Vinokurov, Evgeny, Mikhail Demidenko, Dmitry Korshunov, and Mihaly Kovacs. "Customs unions, currency crises, and monetary policy coordination: The case of the Eurasian Economic Union." Russian Journal of Economics 3, no. 3 (September 2017): 280–95. http://dx.doi.org/10.1016/j.ruje.2017.09.004.

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Sawyer, M. "Alternative Economic Policies for the Economic and Monetary Union." Contributions to Political Economy 32, no. 1 (June 1, 2013): 11–27. http://dx.doi.org/10.1093/cpe/bzt005.

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46

Ögren, Anders, and Hans-Michael Trautwein. "Central Bank Cooperation and Lending of Last Resort in the Scandinavian Monetary Union." Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook 63, no. 2 (October 14, 2022): 433–94. http://dx.doi.org/10.1515/jbwg-2022-0016.

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Abstract The functioning of multi-nation monetary unions with several central banks is conditioned by many factors and considerations, such as the capacity to deal with crises, the political will and operational skill to foster financial integration and to develop a mix of rules and discretion in the cooperation between the central banks. The Scandinavian monetary union (SMU) between 1873 and 1931 is a case in point for illustrating the importance of these factors and considerations. We examine the policies implemented in the Scandinavian countries to deal with asymmetries of payments flows and with financial crises at three levels: in an account of major crises that required lending of last resort, in a study of the clearing and settlement mechanism established in the union, and in a survey of contemporary economists’ views on lending of last resort and cooperation in the SMU.

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Pianta, Mario. "Fai la macroeconomia giusta: le molte ragioni del libro di Paul Krugman fuori da questa crisi, adesso!" QA Rivista dell'Associazione Rossi-Doria, no. 4 (January 2013): 127–45. http://dx.doi.org/10.3280/qu2012-004005.

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Fai la macroeconomia giusta: le molte ragioni del libro di Paul Krugman Fuori da questa crisi, adesso! L'analisi della crisi e le proposte di politica economica avanzate nel nuovo libro di Paul Krugman sono esaminate sul piano delle idee e del ruolo dei governi. Il volume riprende l'approccio di Keynes, arricchito dei contributi di economisti come Fisher, Kalecki e Minsky, e offre un quadro convincente degli aspetti macroeconomici. Si affrontano le questioni della domanda, della politica monetaria e le misure di austeritŕ che hanno aggravato la depressione in Usa ed Europa. L'analisi di Krugman, tuttavia, trascura i problemi dell'apertura internazionale, del sistema produttivo e della distribuzione del reddito. Sono discusse infine le lezioni che si possono trarre per l'Europa e l'Italia.

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Hudec, Martin. "The Higher Essence of Economic Convergence Regarding Monetary Impacts." Studia Commercialia Bratislavensia 10, no. 37 (June 1, 2017): 18–31. http://dx.doi.org/10.1515/stcb-2017-0002.

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Abstract The increasing pace of achieving socio-economic growth and convergence into developed structures represents the main desire of most countries. Moreover, membership in monetary unions has quite a significant impact on the economies of participating countries, since integration processes have become undoubtedly the undisputed accelerator of convergence and integration catalyst, reflecting on the development of the world economy. The growing intensity of world trade, the ever-deepening division of labor and specialization, international movement of capital and labor mobility as wells as investments into education, research and development, innovations are among the factors that lead to the creation of increasingly closer ties between economies, deepening their mutual dependence, further reflected in knowledge-based societies. Thus, the close ties between national economies themselves represent a further incentive for more intensive cooperation through the different stages of economic integration. International economic integration is an objective to promote a gradual process of linking and connecting existing economic units, i.e. national economies to the greater interconnected units in the global economy. The aim of our research paper, by using the methods of analysis and comparison, is to closely present the issue of monetary integration, focusing on the impact of monetary integration on countries’ economy, resulting in the issue of benefits and costs of the countries’ entry into the monetary union, associated with initial economic shocks.

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Proctor, Charles, and Gilles Thieflry. "Opportunities Created by Economic and Monetary Union." Business Law Review 19, Issue 3 (March 1, 1998): 58–60. http://dx.doi.org/10.54648/bula1998016.

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Cousins, Sarah Jane, and Adrienne Muir. "Providing information on economic and monetary union." Journal of Documentation 58, no. 4 (August 2002): 396–421. http://dx.doi.org/10.1108/00220410210431127.

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Journal articles on the topic 'Unione economica e monetaria'

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