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The Prodigal Son or a Confidence Trickster? How Italy got into EMU

In: From EMS to EMU: 1979 to 1999 and Beyond

Author

Listed:
  • Vincenzo Chiorazzo
  • Luigi Spaventa

Abstract

The improbable should not be mistaken for the impossible.1 By mid-1996 the probabilities assigned to Italy’s admission to the third stage of EMU were nil, or slim at best. The country did not fulfill any of the entry conditions. The general government deficit exceeded by some four points the Maastricht standard. The fact that in June 1996 a new government led by Mr Prodi set for 1997 a deficit target far above the required 3 per cent was interpreted as the official recognition that admission was out of reach.

Suggested Citation

  • Vincenzo Chiorazzo & Luigi Spaventa, 1999. "The Prodigal Son or a Confidence Trickster? How Italy got into EMU," Palgrave Macmillan Books, in: David Cobham & George Zis (ed.), From EMS to EMU: 1979 to 1999 and Beyond, chapter 6, pages 129-155, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27745-2_8
    DOI: 10.1007/978-1-349-27745-2_8
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    Cited by:

    1. Baccaro, Lucio & D'Antoni, Massimo, 2020. "Has the "external constraint" contributed to Italy's stagnation? A critical event analysis," MPIfG Discussion Paper 20/9, Max Planck Institute for the Study of Societies.
    2. Hallerberg, Mark, 2000. "The importance of domestic political institutions: Why and how Belgium and Italy qualified for EMU," ZEI Working Papers B 10-2000, University of Bonn, ZEI - Center for European Integration Studies.

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