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Paolo Baffi: la moneta europea e "il crepuscolo degli esperti" (Paolo Baffi: The European currency and the "twilight of the experts")

Author

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  • Alberto Baffigi

    (Banca d'Italia, Archivio storico)

Abstract

Il lavoro affronta una questione centrale nella storia del pensiero economico: quella del rapporto fra teoria economica e scelte politiche. Lo fa studiando il pensiero economico di Paolo Baffi (1911-1989), Governatore della Banca d'Italia dal 1975 al 1979, co'lto in un momento particolare della storia europea e italiana: quello che precede immediatamente l'avvio del Sistema monetario europeo (SME), nel 1978, e gli anni successivi. Sono i primi passi dell'integrazione monetaria europea. Il ruolo di Baffi nel negoziato sullo SME e' centrale, ma ne esce sconfitto. Allora come ora, gli esperti erano criticati in nome della democrazia. Lo fu anche l'esperto Paolo Baffi, per le perplessità pubblicamente espresse sulla costruzione di un sistema monetario a guida tedesca che avrebbe comportato l'adesione a una politica monetaria di alti tassi di interesse. Una riflessione sul pensiero e sull'azione istituzionale di Baffi puo' essere utile nella ricerca di una sintesi fra tecnica e politica, oggi quanto mai urgente. This contribution addresses a central topic in the history of economic thought: the relationship between economic theory and political choice. Paolo Baffi's (1911-1989) economic thought, his attitude towards the European Monetary System (EMS), his attempt in 1978 at influencing the political compromise stroke among countries in preparing its launch, is a good case in point. Baffi, Banca d'Italia's Governor at that time, played an important role in the negotiations on the EMS but he comes out defeated. Then as now, experts were criticized in the name of democracy. So was the expert Paolo Baffi, for publicly expressing doubts about the construction of a German-led monetary system that would have involved adhering to a monetary policy with high interestrates. A reflection on Baffi's thought and institutional action can be useful in the search for a synthesis between technology and politics, a tremendous urgency in our day.

Suggested Citation

  • Alberto Baffigi, 2022. "Paolo Baffi: la moneta europea e "il crepuscolo degli esperti" (Paolo Baffi: The European currency and the "twilight of the experts")," Moneta e Credito, Economia civile, vol. 76(301), pages 57-75.
    • Handle: RePEc:psl:moneta:2023:13
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    File URL: https://rosa.uniroma1.it/rosa04/moneta_e_credito/article/view/18047/16976
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    References listed on IDEAS

    as
    1. Elena Seghezza, 2020. "Governor Baffi’s View on the Italian Great Inflation," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 6(3), pages 563-584, November.
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      Keywords

      experts; monetary integration; monetary hegemony; Europe;
      All these keywords.

      JEL classification:

      • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
      • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
      • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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