Germany and Italy: conflicting policy paradigms towards European monetary integration?
In 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
Volume (Year): 17 (2006)
Issue (Month): 3 (September)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/political+science/journal/10602/PS2|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jean-Paul Abraham, 2003. "Monetary and Financial Thinking in Europe - Evidence from Four Decades of SUERF," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
- 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.
- M. Sarcinelli, 1995. "Italian monetary policy in the '80s and '90s: the revision of the modus operandi," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(195), pages 397-422.
- M. Sarcinelli, 1995. "Italian monetary policy in the '80s and '90s: the revision of the modus operandi," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(195), pages 397-422.
When requesting a correction, please mention this item's handle: RePEc:kap:copoec:v:17:y:2006:i:3:p:189-205. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.