Dallo Sme ai cambi fissi: monetarismo europeo o paradiso degli euroburocrati?

From the European Monetary System to Fixed Exchange Rates: European Monetarism or a Paradise for Eurobureaucrats?

Abstract disponibile solo in lingua inglese

The paper is divided into two parts. The first deals with the fundamental flaws in the ERM. The second reviews the main features of stage two on the road to European Monetary Union. Coordinated control of monetary aggregates, a rigid but – as far as possible – autonomous fiscal policy and the removal of the inelasticities in the labour and goods markets are all "conditiones sine qua non" which will have to be met. If they are not, the road to monetary stability will end in a bottleneck: in which case, opting out would be the only possible remedy.