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Un external compact per rilanciare l'Europa

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  • Alberto Bagnai

    () (Department of Economics, Gabriele d'Annunzio University)

Abstract

La crisi dell’Eurozona è ormai certificata dalla sua performance estremamente deludente in seguito allo shock esterno provocato dalla crisi dei subprime. La richiesta di un ridisegno delle regole è unanime, e in parte già accolta dalle stesse istituzioni europee. La diagnosi sulle cause della crisi è largamente condivisa dalla letteratura scientifica e dalle istituzioni multilaterali, e vede la causa nell’eccesso di indebitamento privato estero intra-Eurozona. In questo articolo sosteniamo che se questa diagnosi è corretta, allora il ridisegno delle regole europee deve partire da un cambio radicale di prospettiva, che parta dalla tutela della domanda interna nel Mercato Unico, anziché dalla rincorsa della domanda estera fra i mercati nazionali dei paesi membri, e riconosca il ruolo ineludibile della flessibilità del cambio come strumento di enforcement degli accordi economici intrapresi, e come strumento di signaling, essenziale ai mercati per assicurare una corretta allocazione delle risorse finanziarie.

Suggested Citation

  • Alberto Bagnai, 2014. "Un external compact per rilanciare l'Europa," a/ Working Papers Series 1401, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
  • Handle: RePEc:ais:wpaper:1401
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    References listed on IDEAS

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    Cited by:

    1. Alberto Bagnai & Christian Alexander Mongeau Ospina, 2014. "The impact of an exchange rate realignment on the trade balance: Euro vs. national currency - Some preliminary results with a/simmetrie model of the Italian economy," a/ Policy Briefs Series 1401, Italian Association for the Study of Economic Asymmetries, Rome (Italy).

    More about this item

    Keywords

    Eurozone; Financial crisis; Exchange rate regimes;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F15 - International Economics - - Trade - - - Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G01 - Financial Economics - - General - - - Financial Crises

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