L'Unione monetaria europea fra integralismo monetario e dipendenza della politica fiscale. Alcune considerazioni[Monetary "integralism" and fiscal policy dependence in the European Monetary Union. Some reflections]

The aim of this note is to raise some doubts about the opportunity to abandon the economic policy strategies that support aggregate demand because it is a prerequisite to realize the credibility of the new currency- the Euro. Prevailing literature states that, in the choice between inflation and unemployment, is always the second one to deserve a more immediate cure. Such position is motivated by the idea that – even if the market is the best way to organize the economic systems - it must occasionally be helped, since there is not an automatic convergence towards the natural equilibrium of full employment.