Germany and Italy: conflicting policy paradigms towards European monetary integration?
AbstractIn the literature on European monetary integration Germany and Italy are mostly strongly contrasted. However, this paper argues that there were important similarities between the policy paradigms in these two countries, in particular if a broader historical perspective is adopted. This work analyses the policy paradigms towards European monetary integration in Italy and Germany. Moreover, it contextualises these paradigms into the national institutional setting: while Germany was characterised by power sharing institutions, Italy featured power fragmentation (something which also affected the economic performance of both countries). There were significant differences between the policy paradigms of foreign policy-makers and economic policy-makers. Foreign policy makers, in both countries, under the influence of a European federalist vision, were strongly in favour of European monetary integration. These beliefs of foreign policy decision makers were crucial in charting EMU policy at history-making moments. The pro EMU policy paradigms of foreign policymakers contrasted, during most of the period covered, with the more sceptical beliefs of economic policy makers. In both countries, economic policy-makers, at different moments, had doubts whether enough “convergence” had been reached to make a more stable exchange rate system sustainable. Copyright Springer Science+Business Media, LLC 2006
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Bibliographic InfoArticle provided by Springer in its journal Constitutional Political Economy.
Volume (Year): 17 (2006)
Issue (Month): 3 (September)
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Web page: http://www.springerlink.com/link.asp?id=102866
European monetary integration; EMU; Germany; Italy; A11; B20; E58; F02; P16;
Find related papers by JEL classification:
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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- Ivo Maes, 2004. "On the Origins of the Franco-German EMU Controversies," European Journal of Law and Economics, Springer, vol. 17(1), pages 21-39, January.
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