Monetary Union, the Italian case

In Italy, the monetary union is often taken as a scapegoat for all the ills of the last twenty years. To verify the factuality of this criticism we must weigh the disadvantages of the single currency with the advantages. Furthermore, a critical effort to verify the counterfactual (i.e. what would have happened if we had not adopted the euro) is paramount.


The disadvantages reiterated by the discontented is in having lost the monetary sovereignty and in the unfavourable exchange rate. Let’s start with the first topic. What was once the role of the Bank of Italy has now passed to the European Central Bank (ECB). The advantage of being able to print money lies in the possibility of using expansive monetary policies and devaluation. With the former, the central bank aims to lower interest rates, favouring consumption and investment. While with devaluation export is favoured and the cost of labour is lowered. Continue reading “Monetary Union, the Italian case”

A (dis)continuity in the European Governance

Antonio Tajani descends from the highest seat in the European Parliament. He shakes hands with compatriot David Sassoli, who takes his place. They smile. This snapshot closes the waltz of the leadership positions of the European Union of these days, or of those who more than others will influence the choices of the Union, and therefore our lives, from here for the next five years. Following the elections of the new European Parliament on May 26th, the face of the Union and its representatives have changed. The change, however, did not take on the dimensions that during the electoral campaign they feared. During the first months of 2019, in fact, an apocalypse was expected, a revolution in terms of numbers and values ​​within the decision-making spheres of Brussels [1]. The fact is that this epochal change has not been realised; there have been some adjustments in the control room, and some fluctuations in public opinion, but the European Union maintains its values ​​and its different souls that characterise it.

If some balances have changed, others have remained firm. But which balances do we talk about?

Continue reading “A (dis)continuity in the European Governance”