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Recovery Pathways
This book analyzes the main factors characterizing the evolution of the Italian economy in the European Union (EU) and in the European Economic and Monetary Union (EMU) during the last decade. The book aims at showing that the European responses to the pandemic crisis are centered on a main objective: to implement the conditions for an EU development based on the single market and characterized by technical and organizational innovations and a social and environmental sustainability. These conditions require that the main European countries, Italy included, reach a sufficient degree of convergence; and this requirement represents an extraordinary opportunity for the Italian economy.
In Search of a New Equilibrium
The book shows that the overcoming of the negative imbalances in the current accounts of the large majority of peripheral Member States in the euro area is mainly due to a recession-driven decrease in import, a monetary wage compression, and below average rates of inflation. This re-equilibrating process thus leads to short-term adjustments, in the sense that it is unable to structurally fill the competitive gaps accumulated inside the euro area during the first decade of its life (1999-2007), owing to the inefficient allocation of the financial flows coming from the European central countries and invested in the European peripheral countries. Contrary to the predictions of the standard macr...
Financial Constraints and Market Failures
An Italian study group made up of seven economists report their findings on how the new Keynesian economics has reacted to challenges from new classical economics by strengthening the analytical power of its models. First they discuss the theoretical unde
An Effective Policy Mix for the EU's Post-pandemic Challenges
The geopolitical and economic shocks, due to the Covid-19 pandemic and the war in Ukraine, represent a structural shift for the European Union (EU) economy. The euro area needs to deal with an ongoing inflation process and the EU needs to radically transform its production model to avoid a lasting decline. An expansionary centralised fiscal capacity, grounded on the production of public goods, and a related common industrial policy are required to allow for this structural change. In the meantime, it is necessary to bring the excessive inflation process under control. These two contrasting problems create a policy dilemma. A restrictive monetary policy backed by national fiscal actions and a temporary central fiscal initiative are inadequate to overcome this dilemma. Hence, we propose an innovative policy mix to address the problem. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
The Banks and the Italian Economy
Damiano Bruno Silipo In the 1990s the Italian banking system underwent profound normative, institutional and structural changes. The Consolidated Law on Banking (1993) and that on Finance (1998) instituted the legal framework for a far-reaching overhaul of the Italian banking and ?nancial system: signi?cant relaxation of entry barriers, the liberalization of branching, the privatization of the Italian banks, and a massive process of mergers and acquisitions. Following the Bank of Italy’s liberalization of branching in 1990, in 10 years the number of bank branches increased by 70% in Italy, while in the rest of Europe it declined. Over the decade the average number of banks doing business i...
