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Unione monetaria europea: le ragioni della debolezza

European Monetary Union: Reasons for Weakness

Anno XXVI, n. 114, luglio-settembre 1991
Centro Einaudi


Abstract disponibile solo in lingua inglese

The paper deals with the economic convergence of the Twelve with a view to European Monetary Union. The analysis of data for the years 1970-1989 leads to three conclusions, which remain valid irrespective of the institutional set-up of the EMU (see Biblioteca della libertà n. 112). First, the problem of convergence must be seen in terms of the structural performance of the system as well as economic, monetary and fiscal policies. Secondly, empiric assessment has shown that the economic structures and institutions of monetary policy are able to perform compatibly with Monetary Union. Thirdly, shortcomings in terms of convergence are visible in budget and fiscal policies. As a result the monetary unification process still seems immature and the problem of public deficits at a European level stands as a serious obstacle to integration. The risk is that the Community will be forced to concentrate solely on the setting up of the single market.