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The Euro: An Italian perspective

Listed author(s):
  • Augusto Graziani
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    The adoption of Euro as a common currency of twelve European countries has meant a considerable change in the Italian exchange rate policy. In the past, before Italy entered the EMS and again in 1992-96 when Italy temporarily left the EMS, the Italian monetary authorities enacted a policy of managed exchange rates, aiming at keeping the dollar rate stable, while letting the Italian lira depreciate vis-a-vis the German mark. By so doing, the danger of imported inflation was reduced (the dollar area was then a major import area) and at the same time the Italian exports to Europe were made easier. In the presence of a regime of fixed exchange rates in the European area, Italian industry is trying to make its exports more competitive by means of a reduction in costs. This means moving segments of production to small or middle-size firms, located in Italy as well as in developing countries. A further help is coming from the gradual but consistent depreciation of the Euro against the US dollar. The relevance of the dollar area in Italian exports has been correspondingly increasing.

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    Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

    Volume (Year): 16 (2002)
    Issue (Month): 1 ()
    Pages: 97-105

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    Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:97-105
    DOI: 10.1080/02692170110114221
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