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Il ruolo della BCE nella crisi economica in Europa

Author

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  • Vincenzo Maffeo

Abstract

The purpose of the paper is to analyze the role played by the ECB in the economic crisis in Europe, especially in connection with the issue of the sustainability of public debt in some of the major countries of the European Monetary Union. To this end, a comparison is made with the ?divorce?, in Italy in 1981, between the Treasury and the Central Bank. It demonstrates that the independence achieved by the Bank of Italy through this ?divorce?, in addition to allowing for a more stable exchange rate policy, also had the objective of laying down such an institutional set-up able to hinder expansive fiscal policies, seen as an element that could cause wage growth and a profit squeeze. The same objective seems to be at the basis of the founding of the European Monetary Union, by means of the rules of the Maastricht Treaty curbing public deficits and debts on the one hand, and ECB independence from any European political institution on the other. So as not to weaken, and instead strengthen this institutional set-up and the income distribution that it contributes to maintaining, the EBC is not enabled to directly purchase the state securities of countries that are undergoing financial difficulties.

Suggested Citation

  • Vincenzo Maffeo, 2012. "Il ruolo della BCE nella crisi economica in Europa," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2012(107), pages 65-83.
    • Handle: RePEc:fan:steste:v:html10.3280/ste2012-107003
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    Cited by:

    1. Vincenzo Maffeo, 2016. "Azione collettiva, classi sociali e teoria classica dei salari," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2016(118-119-1), pages 146-166.
    2. Vincenzo Maffeo, 2014. "Economic theory and social classes," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(114), pages 30-50.

    More about this item

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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